As stated in the recent 60 minute scenarios on the QQQ & SPY, I was expecting a bounce from the aforementioned support levels, which has clearly happened.  I also stated that I was unsure how far those bounces would go (i.e.- the squiggles were not a forecast of the exact scope or duration of the expected bounce).  However, at this point, I can say with a pretty decent degree of confidence that prices should turn down from at or near current levels in order to keep those original (and still my current) primary scenarios intact as any additional upside beyond today’s highs (67.69 in the Q’s; 152.48 in the SPY) will quickly begin to chip away at those near-term bearish scenarios and start to sharply increase the odds that at least marginal new highs will be put in with these major indices.  Even if that were to happen, the bearish scenario would still be alive and well when viewing the longer-term charts and many other metrics such as the deteriorating fundamentals & recent complacency/bullishness extremes (of which I’ve made the case in the past, typically takes weeks to as long as two months before a top is in place and a new trend reversal begins to manifest.)  Once again, my primary scenario remains that the initial snap-back rally that began on Tuesday has now run it’s course and the selling should resume from at or near current levels.  Calling the short-term turns in the market can be very difficult at times so as always, DYODD,  stay open to all possibilities and do not force a trade unless you are confident in your analysis and have an exit strategy in place;  both if right and especially if wrong.  Updated SPY & QQQ 60 minute charts below: