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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-0.11% , 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.

90 min to go in Wednesday's session, we've seen early losses be recouped to some extent, with SPX now just fractionally negative (-0.02%) while QQQ-1.59%  is still up a minor amount on gains by TSLA-0.11%  TXN-0.79%  ON-7.13% , TTD-2.24%  and some outsized strength out of many Semiconductor names (SOX higher by +0.85%) However, today's sector performance definitely is a bit defensive in nature, with Utilities, REITS leading the charge while Industrials are being hard hit on losses from ODFL-1.77%  which is hurting the DJ Transportation Avg. Overall, i don't sense that the minor consolidation after yesterday's bounce has been fulfilled. This structure seems to indicate that another minor pullback might unfold into tomorrow before a large rally takes place into early to mid-May, likely on the heels of good earnings out of MSFT-1.26%  and/or GOOGL-1.00%  tomorrow. At present, support for ^SPX-1.58%  weakness lies near 5037 then 5021 while any move back OVER 5089.48 would allow for this rally to continue without much more decline. Bottom line, the gains of the last two days gave some pretty hard proof that lows for the larger decline from March are in place. I expect "maybe' another 30-40 point S&P pullback before a rally up to 5200 and ultimately 5400 gets underway which should start this week, continuing on early week progress