QQQ has broken below the mid-point support line of the 60-minute price channel which opens the door for a move to at least the bottom of the channel soon.

QQQ 60m Oct 18th

QQQ 60m Oct 18th

While the most notable development on the 60-minute time frame so far today was the break below the mid-point of the near-term price channel, the bigger picture is that QQQ has so far reversed off the backtest of the Dec 24th uptrend line as well as the downtrend line off the July 26th ATH on this much more significant 4-hour chart (i.e.- each candlestick represents 4-hours of trading. The Dec 24th uptrend line has also been highlighted extensively on the daily charts in recent weeks).

QQQ 4-hr Oct 18th

QQQ 4-hr Oct 18th

In summary, this breakdown on the 60-minute charts trigger a short-term sell signal but that shorter-term sell signal also follows what may prove to be a much more technically significant event which is  (at least, so far) a rejection off the backtest of the key uptrend line off the significant Dec 24th low following the impulsive breakdown below that trendline on Sept 24th.

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