Purely from a near term technical perspective, if I look at the pattern in the Q's (NASDAQ: QQQQ), the downleg from the 7/31 high at 46.12 to yest.'s low at 44.30 has its 50% recovery resistance plateau at 45.21, with the 62% recovery resistance plateau at 45.43. An upside hurdle of the former likely will lead to a challenge of the latter, which my work argues SHOULD put a lid on this advance IF A NEW DOWNLEG IN THE Q's STARTED UP AT 46.12.

Based on the inverse ETF, the QIDs, a 50% "correction" of the upleg that started at the 7/31 low of 42.68 into yest.'s high at 46.19 represents a decline into the 44.45/40 area, while a 62% retracement of the upleg will imply weakness into the 44.00 area prior to a resumption of the dominant (up) trend.

Thus far, the Q's have tested-- and so far have held- at the 50% resistance plateau of 45.20, while the QID's so far have held in the vicinity of the 50% support level of 44.45/40.