$QQQ Have we reached the climax of counter-trend rally?

Nasdaq-weight QQQ has bounced nearly 23% from its bottom back in mid-June, and we are at a critical resistance with the multi-month trendline and the resistance area indicated in the red box. I see a retracement in the near future back to the confluence support of 20/50EMA, possibly retesting the mid-June low.

Summary:
- Short-term bear bias
- Trend line resistance
- weekly EMA resistance
- bearish RSI divergence
- Price resistance to previous low

I am personally reducing tech exposures and hedging with SQQQ, and increasing cash size to re-enter with a lower price.