here are the 60 minute charts of the SPY & QQQ highlighting how both indexes recently broke down from bearish rising wedge patterns, bounced to make successful retests of those wedges and have turned lower.  i will also point out that as shortly after the open, we have a bearish crossover on the QQQ daily frame MACD, as discussed yesterday.  however, the day is still very young so we will need the Q’s to close at or below current levels to confirm that additional sell signal for the broad markets.  keep in mind that the GDP numbers are to be released tomorrow morning at 8:30 ET, which could cause a considerable gap in either direction tomorrow.  until then, i’d just expect a bunch of “noise” in the markets today and i don’t plan to open or close any positions.