By breaking beneath a key low recorded on April 18, the major averages have generated bearish impulse legs on their respective daily charts. This is shown in the chart accompanying today’s QQQ tout, and it is one reason that we bailed out of a long position in that vehicle when it went against us only slightly.  Downside targets in other vehicles, including the E-Mini S&Ps, had been more than a month in coming, and their failure to engender strong bounces  is a second sign that trouble is brewing.