Ominous Charts

The markets continue to show crazy volatility on the short and intermediate term timeframes as the longer term trend continues to consolidate/ deteriorate.  The widely watched trendline on the $SPY was broken with a gap lower and then a  quick rally brought it back through, but sellers are back again and the bigger level to watch there is 114-11450.  The $QQQ has been more resilient but the primary trend remains lower so it should continue to be viewed with an eye of suspicion.

click chart to enlarge