In yesterday's daily comment I suggested that the markets could be close to a near term bounce but ultimately would go lower. I keep to that view.

Hourly and daily charts are set up for a bounce - SPY 2H RSI oversold with nice divergence that came close, but did not tag, the MP QP support zone. And similar setups on other USA mains with IWM and QQQ reaching WS3s after trading mostly above WPs for the last several weeks.

Several daily charts are at the lower Bollinger bands, and both leaders QQQ and IWM are above rising D50MAs - both places were markets often bounce.

However, the quarterly and monthly chart configurations to me look quite threatening. I'll have more to say about this over the weekend.

SPY 2H, QQQ D and DIA Q below.