Near-term charts seem to paint a mixed bag of technicals. On one hand, we had the recent breakdowns on the 30-minute rising wedge patterns in QQQ & SPY following a divergent high. However, the trend indicator still remain bullish & with the near-term & intermediate-term trend still clearly bullish, the trend remains bullish until proven otherwise. To confirm a near-term sell signal, we need to see the MACD & 14/34 ema trend indicators flip to bearish on the 30-minute time frame & ideally the 13/33 ema & MACD trend indicators on the 60-minute charts to do the same. Should that happen today (which would require one heck of an intraday reversal) that would also confirm Friday's bearish engulfing candlesticks.
edit: The annotations on the SPY & QQQ charts below mistakenly list the 30-minute trend indicators as being on sell signals while they are still on buy signals.