So far, the SPY 60 minute scenario is playing out but we do need these support levels on both the SPY & QQQ to help increase the odds that the Nov 16 – Dec 19th rally was just indeed a counter-trend rally in the early stages of a larger downtrend.  One day and one support level at a time though & with today being OpEx (options expiration), be prepared for some back & forth chop as positions are squared throughout the day, especially in light of today’s large gap down.