Here are hourly charts of the June S&P futures and the QQQQ's. The Spider chart looks nearly identical to the S&P chart if one divides the price level of the S&P's by 10. I last commented on these markets here.
I have been expecting a three phase drop from 1535 in the S&P's down to the 1500 level. It looks to me like the second, upward, phase of the correction has just been completed. So I now think the S&P's are about to drop to 1500 or so and the Spiders to 150.00.
The Q's should be headed downward also and I have lowered my downside target slightly from 45.70 to 45.50.