The next couple of days should tell us how much longer this uptrend will last. Both SMH and IWM closed right below strong resistance today. A sustained break of these areas will push the market higher, while the ETFs inability to break above the highs would signal that the uptrend is over.

QQQQ continues to charge higher. It had the strongest gain in the previous buy signal and has yet to signal the beginning of the new downtrend. QQQQ broke out of its inverted head and shoulder pattern last week and currently we are moving far enough above the breakout point to allow for a pullback. If the ETF moved back more quickly it would violate its breakout point. By moving more above the breakout, it allows for further gains in the weeks ahead. The lowest point we believe QQQQ will reach this sell signal is 49.70.

SMH ran into resistance from the beginning of September today. If this area is broken we should see a quick push to 39.50, followed by a move to 40.50. A break of today's low should push the ETF to 37.

IWM is in a similar situation. If the ETF breaks above the 82 area it will likely push to the resistance level right under 85. Just above 84 is another likely target. A break of today's low would bring IWM to at least 78 this signal.

The next couple of days will let us know how soon the downtrend is going to start.