If this is indeed the case, we should see the price bounce around between $38.00-$38.70 through options expiration, and then potentially break lower. Cup and Handle (bullish)
If, however, the QQQQ is forming a bullish cup and handle pattern, we might see the price move back to fill the gap at $37.70, only to reverse and then potentially break higher. The third scenario could be that the market is done pulling back and prices will follow through higher from Friday's rally. Technically this should not happen, but as we found out a few weeks ago, you can't apply logic to the market's actions; it sometimes just goes where it reasonably should not.