QQQ and tech are moving the opposite way to SPY and other stocks. Instead of moving upwards creating new highs, QQQ has been moving downwards after breaking out after the Fiscal Cliff deal. Now QQQ is testing key support at 66.47, which has been support for the last week and the lows which QQQ bounced off.
There should be concern if the QQQ moves below this level as there is little to no support below this level. The next support level would be 65.91 and below this the support is 65.16. If QQQ breaks below this level there is a chance that the entire gap from the Fiscal Cliff could be filled.
If QQQ bounces here which is unlikely, it would need to move another 1% and get above the 67.34 which may be difficult. Beyond that the 67.83 level would act as resistance for the market.
QQQ is still flashing overbought as well, which means a drop below that support would help work this condition off.