The SPY, having soundly broken the neckline of a head and shoulders top pattern, faces formidable resistance at $138.00.
Looking equally ominous is the QQQQ, which broke its uptrend. It bounced late day, and near term sentiment hasn't turned bullish just yet, so there is some chance that it will work its way up to kiss the channel goodbye over the next few days.
A dead cat bounce here would go a long way toward alleviating market fears, setting up a great shorting opportunity.
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