The big stand out from both is that QQQQ is nearing potential support of its multiple trend lines of higher lows.  I picked a few different starting points and they all point to close to the same area in the low $40s.  If these lines start to break we could see a big correction in tech stocks.  The 10 day moving average (dma) has been the center of a seesaw for the past week and until today only provided resistance once recently.  With that resistance cam the breaking of support offered by the 20 dma.  The trip to the 50 dma isn’t far.  It hasn’t come into play since mid-July, so watching it will be interesting. 

Keep watching these trend lines of higher lows and if they hold I expect another run to the top trend line of higher highs.

A few minutes after I charted the past three months I charted the past seven months.

I see QQQQ hitting resistance here at the point of its trend line of higher highs.  From this line it can move slightly higher each day or even sideways, but is more likely to take a dip before moving too much higher.  Adding to the theory of the QQQQ being ready for a break, the Williams %R indicator for the 14 and 28 day periods are both at the very top of their oversold areas. 

 On a very unsophisticated measure, QQQQ has been up every day for the past 12 days (including today).  Just like betting on black every time in roulette, “betting” that any stock/ETF will falter the next day just because it’s been up for a while is a big gamble.  That said, I don’t think QQQQ has many more days it can pull this off.  I’ll be selling a vertical put spread once I see a decent dip.  If you are more aggressive you could enter a bull put spread now and try to close the long put for a profit on the dip and leave the short put exposed while you wait for a recovery.  I’m not taking that risk, yet.