I'm short QQQ / tech here with Feb puts. We're seeing a likely repeat of the topping pattern from ATH's: Double top with a gap-down. Bearish engulfing candle and close below 50 sma on the daily chart confirms. Looking for about a 6% move or better. May resolve bullish after testing ~150 (red dashed zone) but watching volume, as heavy trading down there could bring on new lows of the year. If we get a significant gap-up on positive macro news later this week we could squeeze to the 200 sma, so I'm prepared to reverse this trade following overnight news along with a string of positive ER's but the reward : risk is better to the downside. Once the daily 50 ma and RSI 50 line is taken out with a close below, I see very little holding this chart up. Could also consider playing this move with volatility instruments.