It is probably a certainty that whatever intermediate term fate befalls QQQ, a highly similar experience awaits SPY. So, which chart is better? The couch potatoes have been hanging around the 54 day simple moving average, SPY around the 18 day.
Might be wise to look at a 27 day look back. The bull market has been so strong that excursion out of the upper cycle have been few and contained. The last xHL> xLH excursion lost money. Note how weak the upper cycle (xCC/XCF/xFC/xFF) in the shorter time frame.
c0 is not looking good OC. The 36 day look back didn’t show that. The OC session tomorrow looks pretty good whatever happens in the overnight. Keep in mind that the pull back can have some strength here.