The SPY has traded as low as 192.78 so far in pre-market, just below the 2nd downside target posted on Friday. Should the SPY continue lower after the open today, any solid and sustained break below the 187 area would increase the odds of another sharp thrust lower in US equities as has been discussed in the recent US equity market videos.
QQQ is also currently poised to gap lower at the open, trading around the 102ish level in pre-market. These horizontal lines mark short-term support level with the 97.50ish area as critical support. (note, these updated charts do not reflect this morning's pre-market trades). Below are the 5-minute charts of QQQ & SPY posted on Friday as well as the updated 5-minute charts (shown as of yesterday's close).
I'll be away from my desk this morning & hope to be back by noon ET, if not sooner & will post any relevant market developments at that time.