It would appears that this oversold bounce off support in the US equity may have run its course. QQQ reversed at the top of the 11/18 gap yesterday, which was a hair above where I had posted my final near-term target (T2), which was set at the bottom of that same gap. While the large caps (SPY & QQQ) struggle with the 61.8% Fib retracement, the small cap stocks have only managed a modest 38.2% retracement on this bounce...a sign of non-confirmation of this rally. With the short-term trend indicators still on solid sell signals on all US stock indices, a resumption of the downtrend is likely to occur very soon, likely before the market close today.