/ES (S&P 500 Emini futures) are currently testing the bottom of this bearish rising wedge pattern while overbought with negative divergence on the PPO with /NQ (Nasdaq 100 Emini Futres) doing the same.

An impulsive break and/or solid 60-minute close below these wedges would likely indicate more downside, increasing the odds that my recent scenario of a test of the top or a backfill of Tuesday’s gap. If so, that would translate into another 0.85% -1.25% more downside in QQQ from current levels (165.10). However, my expectation is for at least a minor bounce off this first test of those uptrend lines since April 13th.

QQQ 60-min April 19th

QQQ 60-min April 19th/NQ