It' hard to narrow down exactly where the QQQ's could hit resistance, since the SPY/DIA are still above their . But I have two tentative points. Either we test the 50 ema and sell or form a pattern. Both scenarios will favour my gold thesis. Although i prefer the former. (as GDX is at it last level of retracement before turning .) The reason for this discrepancy, in IWM/QQQ and SPY/DIA is a result of investors rotating to safer dividend paying especially in the oil and gas industries, and consumer staples . It a good place to put your money besides bonds, since they pay dividends. This is not a good sign for the broader market if investors are flocking to safer investments.