With both the QQQ & SPY closing below their rising wedge patterns yesterday, the onus is now on the bulls to close both major indices back inside the wedge. If not, the next thrust lower will likely begin soon. It's the end-of-day closing values, not the intraday price swings, that matter most.
With yesterday's closes below these key wedge patterns as well as my short-term indicators on the US equity indices solidly on sell signals at this time, my preference is to short the rips (such as this morning's backtest of the wedges) and buy (cover) the dips (to support levels in which I expect a considerable reaction). Should the bulls managed to print a solid close back inside the wedges, I won't necessarily reduce short exposure but I will certainly hold off from adding any more.