Today was remarkable in how quickly we broke through levels of support.
Very oversold here and after two consecutive gaps down, it is very possible to see consolidation or even a strong spike back up that could entice longs to reenter only to trap them on the way down. Ones capable of inflecting pain on both the bulls and bears are movements I often most readily look for. On 60 min frame, the CCI/ stochs/ RSI very close to a lauch zone but we might just gap up strong tomorrow and continue moving on up.
SPY daily showing increased volume that are interrupting the previously downtrending volume pattern. This is not bullish unless the spikes are on positive days so I will be surprised that the downturn has been completed.
QQQ shows the failed breakout more readily and perhaps leaves more downside because the failure is more pronounced.