As laid out as a likely scenario in the Jan 6th market analysis video (first chart below is a screenshot from that video), SPY went on to make a marginal new high while putting in confirmed negative divergences, setting the stage for a failed breakout / bull-trap & now appears likely to be headed to any of all of the price targets shown on this 60-minute chart:

A breakdown below this bearish rising wedge pattern is likely to spark a drop towards any of all of the 3 price targets shown on this 60-minute chart of QQQ:

QQQ 60-min Jan 27th close

QQQ 60-min Jan 27th close