the QQQ & SPY are at the top of the target zones that i have been targeting for months now.  although i still think that the risks for a powerful sell-off remain elevated, the fact that prices are now at the top of these key target zones with positive divergence now in place on the 60 minute charts (although still waiting for the fast line to cross above the slow line, i.e.- a bullish cross-over, to confirm that divergence), also greatly increase the odds that the markets can bounce soon as well.  i know that those are two completely conflicting scenarios but that’s my read on the markets, fwiw.  for example, some (or all) central bank(s) can come out with some big new plans to prop up the system, sparking a rally off this support level (which btw, this is a support ZONE, so we could fall a little further before a bounce as well).  we could also see some big negative event, such as a bank or brokerage failure, which causes the market to crash thru that support zone and opens the door to a new powerful leg of selling.  bottom line is that you need to be nimble and remain flexible unless you decide to go to cash.  i would also add that the trend is clearly lower and until we see some pretty clear signs of a reversal or bottoming process in place, getting aggressive on the long side for the chance that the fed or central banks might pull a rabbit out of their hat(s) is pure speculation.  for now, my bias still remains to the downside although i am keeping an eye on things closely for a reason to cover some shorts or take some longs (or both). updated daily and weekly chart of the QQQ & SPY below.