I want to highlight something that I've been looking at the last couple days. Take a look at the charts for SPY and QQQ. 
The breakout rally in QQQ began on May 10th, whereas SPY took a little longer. We have since erased all of the gains from this recent rally on SPY, but that's not the case with QQQ. When SPY lost the trend line last week, my sentiment turned overwhelmingly bearish. I started accumulating SPXU to play the drop, which I took profit on today. I also bought some SQQQ a couple of days ago that I took profit on before market open, but ultimately reentered at 9:30. What I want to bring your attention to is the lack of strong support on QQQ until we near 320 and erase this entire rally as we've already done with SPY. I'm not saying it will happen next week, or even at all for that matter, but if selling continues from a large trend perspective (I think it will), this is a likely scenario. Because of this, I am changing my swing positions to favor QQQ on the bear side. I'll try and keep my briefings pertaining to SPY for as long as it makes sense, but I get the feeling that analyzing QQQ levels might prove more fruitful. I've been solely trading QQQ for the last 3 days and it's been wonderful.
Anyway, SPY has potential to recover the lower trend line (green) in the morning depending on where we open. If this is the case and SPY opens above 413.58ish, we could see a nice Friday pop. My plan for tomorrow is to trade bullishness above that level and bearishness below. Support below is between 411 and 412 and resistance above is 415.58, followed by 417.40.
QQQ on the other hand is more interesting. In order to recover its own lower trend line (green), we'd need to open above 348.61, then resistance above is 350.16, followed by the inverted cup and handle breakdown at 351.12, with potential to extend to 353.22 (where we opened Monday). Though a recovery and bounce is possible, MFI and volume today show that a continued sell off tomorrow to test support at 338.67-337.27 is more likely (if we don't recover 348.61 into the open).