$QQQ showing some interesting action around 700

Watching $QQQ today, it bounced pretty hard off the 702.81 low, but the 715.55 high for the day didn't hold. The rejection around that area, after yesterday's broader market weakness, makes me think we're seeing some supply come in. For now, I'm eyeing 700 as a psychological level. If we break and hold below that, especially on a follow-through day, then I think a retest of 690-695 becomes more probable. The risk to that scenario, obviously, is a quick reversal back above 710 with strong volume, which would negate the current bearish lean.