The chart for the Nasdaq Composite Index is very similar, of course. If we don't get a bounce here soon, it looks like we could get a blow-off move to the downside. Though one blow-off move could likely trigger a lot of stops into the arena and create a steeper slide. Anyway, the QLD is heavily weighted in Nasdaq100 contracts as well as 11+% in AAPL shares (heavily weighted towards the Hardware sector).At this point price direction seems like it will be knee-jerk whichever way it takes. Volume has tapered off of the current move down (which doesn't mean it can't skyrocket once extreme levels are hit. Also, the intra-day direction today seemed very indecisive/unconvincing. So...bounce? ...or, trigger all those stop-loss orders at the March lows? Anyway, it's important not to have a directional bias, rather be prepared for what ever direction you're faced with.
Here's the Nasdaq Composite Index daily chart. 
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