The "Green Zone" below is where QQQ has traded throughout the bulk 2016 so far with a few brief visits into the "Red Zone". Another visit into the Red Zone at this point & especially below the 97ish level would sharply increase the odds that the market breaks below the Feb 8th & 11th lows, opening the door to the next major thrust down in US equities. Despite some recent bearish technical developments that were highlighted in the trading room via the 15-minute chart of QQQ & SPY, I'm leaning towards a successful defense of the bottom of the Green Zone at this time. QQQ 60-minute chart:

QQQ 60-minute Feb 24th

QQQ 60-minute Feb 24th