My understand about Market

Weekly chart shows the QQQQ just touch the up trend line of the up zone formed with the July/06 and March/08(which just touch the 200 MA). The weekly chart also shows the $46.41 as the 38.2% correction for the down trend from Oct high to March low. Today the closing price is around the critical line ($45.4), personally I think the breakout is failed.

In addition, the SPY is overbought, and the BB line shows the possible correction.

So my personal opinion is the 4Q will re-test $44.5 area (38.2% pull back from $46.4) to form a better base before the true breakout.

The market is changing to bullish, do short period trading if you want to play short.

YMYD.