The GMI could turn Red on Wednesday and Tuesday began a new QQQ short term down-trend. Many short term down-trends have ended in less than 5 days. If this one can get to 5, I may accumulate some SQQQ. Furthermore, the market may have to retest Tuesday’s lows. The daily 10.4 stochastics of the major indexes did get to levels where bottoms have occurred. The put/call ratio is now 1.01. For now, I see no reason to step off the sidelines and enter this market. Cash is king!
This daily chart shows that the SPY no longer has an RWB pattern. The SPY needs to close (dotted line) above all of the red lines (shorter averages) to suggest a new up-trend. 
Same goes for the QQQ.
