Here are hourly charts of the September S&P e-mini futures, the Spiders, and the QQQQ's. I last commented on these markets here.
In this morning's guesstimate I said that the S&P would probably drop again to the low of its recent trading range. My downside targets are shown on the charts above this post: 1535 in the futures and 152.50 in the Spiders. Yesterday the market traded in a narrow range all day just below its previous top and this I regard as bearish action. The weakness yesterday and again early today reinforces this prognosis. I also don't like the look of the advancing issues oscillators (see the next post).
Still, it is important to remember that this is still a bull market. I see no sign that it is over and after the reaction is complete I expect to see the futures rally to 1596 and the Spiders to 158.50.