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E-Mini S&P September futures shorts at 5495/5505 worked perfectly with a high for the day exactly here before prices collapsed 50 points to 5448. The low and high for the last session were 5448 - 5506. (To compare the spread to the contract you trade).
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E-Mini S&P made a high for the day almost exactly at resistance at 5495/5505 and shorts worked perfectly on the 50 sell-off. We have bounced back to the resistance, and again, shorts need stops above 5515.
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A break higher however is a short-term buy signal targeting 5530 and possibly as far as strong resistance at 5555/65 - shorts need stops above 5575.
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A break below 5390 (Friday's low was 5494) targets 5370 and support at 5350/45.
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Bear in mind that even if we are building a bear trend (and I think we are) there will be very strong bounces at support levels (and again, we saw that yesterday). Bulls never give up and buying the dip has worked for too long for them to stop now!
