The author, self-described as a perma bull, expects QQQ to drop at least another 1% by the end of the week. The stated catalyst is the absence of a Ukraine war resolution before Friday morning, implying geopolitical risk drives the downside. Main risk acknowledged is that a war 'ending' would invalidate the bearish view.
The author expects SPY to fall at least another 1% by the end of the week despite being a perma bull. The mechanism is geopolitical risk from the ongoing Ukraine war, with a caveat that a war resolution before Friday morning would negate the call. Main risk is the war ending sooner than expected.