Powershares QQQ Trust is a tech ETF. It has been rallying consistently since April, after a choppy start to the year. As we can see on the daily chart QQQ was at the $152 level to start the year. Price briefly cracked this low and tagged $150 before eventually rebounding to the $187.55 level. QQQ Daily Chart(click to enlarge)Double Top?- The market has been making both higher highs and higher lows since February. - Then we saw two rejections both at $187.55, thus forming a double top. - If price falls below $180, QQQ would have completed a double top.- In this scenario, I would not be surprised if price eventually pulls back towards the 200-day simple moving average (SMA), which is around $171 at the moment. - The middle of the current range is around $184. So if we see a bounce and then a rejection around or under $184, then we can say the market is respecting the double top. In this scenario, we can be more confident of the $171, 200-day SMA target.