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Today's initial drop is definitely a short-term technical negative for both QQQ and SPX, and the latter has undercut 7/19 lows which i suspected might hold. Thus, a 3-wave decline is underway and if the latest move down equals the first, that would put prices at 5413-SPX- This is a short-term negative for today and likely tomorrow, and until 5497 can be recouped, it's more likely that a bit more downside will occur (This is a new change) Industrials, Consumer Staples and Consumer Discretionary are falling more than Technology (all down more than 1%) and TSLA-0.21% , TTD-2.24% , ROP-1.49% , CEG25.08%  and ARM-3.08%  are all down more than 5% within QQQ. Breadth is down around 2/1 negative, but four sectors are higher today: Energy, Materials, Utilities, and Healthcare. The key takeaway from early price action is that more will be needed before expecting this recent decline to stabilize, technically.

20 mins til the bell, US Indices have recovered nicely today and SPX is now set to be positive on the week at current levels, (above 5464.61) with QQQ being 1 point away. In a bit of a reversal of the sector participation we've seen in recent days, SPX's gains are being driven nearly all by Technology today after three straight days of weakness. XLK-2.38%  is higher by +1.79% while Equal-weighted Tech is up +0.41%, but market breadth is negative by nearly 3/2 as six sectors out of 11 are down more than 1%. Thus, the actual performance "under the hood" is not nearly as robust as might be expected when one hears QQQ is up 1%. Very good performance out of NVDA-2.95% , ARM-3.08%  which have both rallied more than 6% today, while ISRG0.63% , MELI1.14%  and KLAC-0.46%  are higher by 3%. However only Tech and Communication Services are positive by more than +0.30% today while Energy is fractionally positive at +0.05%. As hourly SPX charts show, it's difficult to claim that lows to this recent pullback are officially in, as the minor downtrend from last week is intact and the shape and structure of today's bounce is somewhat unconvincing. However, i'm confident there should be a low in place by this week and kick off a strong start to July which historically has been quite good during Election years