The down-trend continues for now. We have had a bounce up from the bottom of the 8.6% decline in the QQQQ that began on June 21. That decline took the QQQQ to a closing low below the closes on the day of the flash crash and the two subsequent declines in May and June. Now we have to wait to see how far this bounce can go. If it stalls out before the June 21 peak (at the 50 day average, dotted green line), the next decline could be quick and furious. On the other hand, if the rally can surpass that peak, we could get a new up-trend. For now, the daily and weekly trends remain down. Click on chart below to enlarge.