A rally has left behind an intraday double-bottom that has power to revisit key near-term resistance.

The UltraShort QQQQ (QID) price structure is in its third session of high-level consolidation.

From a technical perspective, the SPY's have corrected the initial upleg off of Friday's high-volume price low at an important support plateau.

With the S&P 500 Depository Receipts (SPY) violating 125.55/50, it indicates that the current decline off of Tuesday's rally peak should accelerate lower.

The near-term pattern and technical setup earlier this morning in spot gold, which corresponds to the SPDR Gold Shares (GLD), pointed to an upside thrust to test key near-term resistance.

The QQQQ have put in an intraday high so far, which is right at the down trendline off of the August 15 high.

Mike Paulenoff's hourly pattern work is starting to warn him that the QQQQ is nearing a completion of its recovery rally.

Purely from a technical perspective, US Natural Gas Fund (UNG) weakness after its pre-open high at 41.00 to 38.91 represents a gap-filling expedition.

The cash Nasdaq shows that the August 15 rally peak at 1973.56 and the subsequent decline back beneath 1890 appears to represent a failed test of the major October-August resistance line.

Subsequent bouts of weakness have created a series of "higher lows" in the US Oil Fund ETF (USO).