The main point with all three averages is they are all in a confirmed correction -- that is, they are all in well-formed downward sloping consolidation patterns. Notice the SPYs and the IWMs are right at their respective 50 day EMAs. A move through either of those on decent volume would signal a possible problem with the markets. However, the QQQQs still have some downside room before they hit their 50 day EMA. That still gives us a bit of breathing room -- but not much.
