Nice synchronicity in the price action of the SPY & QQQ today with both key indices bouncing off their respective uptrend lines at the lows today.  Both of those indices are now in the typical range (about 65-80% towards the apex of the wedge) where a breakdown typically occurs.  As such, the odds of a breakdown continue to rise with each move down to the bottom of the pattern.  Also note how how the MACD on the SPY is moving sharply lower with the signal line (9 ema) poised to cross into the “red zone”, which is a move below the zero level.  Such bearish crosses often signal a new intermediate-term downtrend in the SPY.  Updated SPY & QQQ 4-hour charts below:

SPY 4 hour 8

QQQ 4 hour 2