The S&P, with pretty overbought conditions in the short term, has formed a bearish rising wedge. Watch for a breakdown to the 281 support if broken and possibly a much larger drop if 281 is broken. Short term bearish RSI divergences in play also.
SPY looks good for a possible bounce (to 280) even with the QQQ sell off today. The oversold readings and the falling wedge help solidify the bounce with a breakout of the wedge.
Note-SPY bounce will only occur to full measured target IF QQQ and tech hit their selling climax. Otherwise it will be another sell the bounce event.
This should be a bounce within a...
SPY at another inflection point. Possible short-term long setup for a gap full bounce. We will see if it can break 2800 support this week back into the box of death. It will be interesting to see if this break will cause a total meltdown, or create a similar pattern like Nov. 2018.