Both QQQ & SPY have bounced back to the 50% Fib retracement levels which aligns with price resistance. Watching for a potential reversal off the 153.30ish level & thrust back down towards today’s previous lows on QQQ & a slight undercut of today’s lows on SPY (10-min chart). Following the first counter-trend bounce earlier today, QQQ reversed smack in the middle of the resistance zone posted as the likely stopping point for the previous rally earlier today, going on to undercut the previous low as predicted (previous & updated 5 minute charts follow the 10-minute chart below):

Supporting my analysis & expectation for another leg down in QQQ is the fact that SPY has also run into the 50% Fibonacci retracement of today’s drop from it’s previous high which also aligns with price resistance  at 257.86 as shown on this 5 minute chart below. Should these scenarios pan out, that would show a change of character in the market going from “buy the dips” to “sell the rips”, which would likely portent more downside to come in the following days+.

SPY 5-min Nov 9th

SPY 5-min Nov 9th