here’s yesterday’s 5 min QQQ chart along with today’s, showing how the primary scenario played out nicely.  as the SPY 5 min chart shows, that key index is testing double support here; both a back-test of this descending channel that it recently broke above (undoubtedly, sucking in some longs) as well as horizontal support.  a break below that level would likely portend additional downside in the markets while a successful test of that level could set the stage for a small bounce in the broad markets.  something worth watching IMO.