SPY is starting to crack below the trendline (revised earlier today in the comment section below the previous post) off Friday’s low with QQQ currently testing its comparable trendline. On watch for a solid break and/or 60-minute candlestick close below both as well as a bearish crossover on the PPO.

It appears that the indexes are currently trading at key support levels that, if broken, have the potential to spark another major leg down while a successful defense/reversal off these levels would keep the near-term trend intact for now. Welcome to the world of volatility!