Yes, the QQQ remains in a short term down-trend. Only time will tell if this rebound is a real end to the correction or just a bear trap. Typically, down-trends don’t end so suddenly, and without panic. But if the GMI returns to 4 or greater for two days, I will go long again. The important thing is to wait for a definitive signal of a change in trend. IBD still calls the market in a correction.
The daily Guppy chart of the SPY shown below shows that the S&P 500 stocks remain in a solid down-trend. Note that all of the short term averages (red) are well below the declining longer term averages (blue). Compare this pattern to that in the prior up-trend. The fact that we are still in a down-trend should be very obvious. When the red lines are back above the rising blue lines, it pays to be long and fully invested.