The SPY has just broken below the third bearish rising wedge pattern this year. I have marked some likely initial ( & possibly final but that’s still yet TBD) price targets on the 60 & 120 minute charts below. The QQQ has also formed its third bearish rising wedge pattern of 2014 although prices remain somewhat comfortably within the wedge at this time. If & when the Q’s break below the pattern soon, which is my expectation, the first decent support level/target would be the blue uptrend line on this 120 minute chart. Despite the bearish implications of the SPY breakdown today, we need to see the Q’s follow suit before we have a decent short to intermediate-term sell signal in the US equity markets. With that being said, I do feel fairly confident that now would be a good time to establish an initial short position on the broad markets with stops above today’s highs or even a full position (for more aggressive traders). I will work to post any attractive individual short setups as I come across them as well.