The analysis focuses on SPY and QQQ, identifying a 'Hangman' pattern on the daily timeframe, which historically precedes a selloff. For SPY, there's a fair value gap around 676.5 that might act as a target if the selloff occurs. The analyst notes unusual put option activity for SPY with a strike price of 677, expiring on December 10. The QQQ also shows a similar 'Hangman' pattern, with a possible downward target of 617. The analysis advises traders to observe the market's behavior in the first 30 minutes of the trading day to confirm the predicted direction. The analyst specifies to pay attention to this possible selloff and react accordingly. If both indexes continue going up this analysis is invalid.