Today's initial drop is definitely a short-term technical negative for both QQQ and SPX, and the latter has undercut 7/19 lows which i suspected might hold. Thus, a 3-wave decline is underway and if the latest move down equals the first, that would put prices at 5413-SPX- This is a short-term negative for today and likely tomorrow, and until 5497 can be recouped, it's more likely that a bit more downside will occur (This is a new change) Industrials, Consumer Staples and Consumer Discretionary are falling more than Technology (all down more than 1%) and TSLA -3.53% , TTD 0.12% , ROP 0.57% , CEG -1.34%  and ARM are all down more than 5% within QQQ. Breadth is down around 2/1 negative, but four sectors are higher today: Energy, Materials, Utilities, and Healthcare. The key takeaway from early price action is that more will be needed before expecting this recent decline to stabilize, technically.