While the longer term trend for the QQQ remains down with the GMI on a Sell signal, the short term trend has just turned up, after completing 33 days of a short term down-trend. The QQQ is rebounding from the January decline and it remains to be seen whether this rebound will fail and the down-trend resume. This weekly chart of the QQQ clearly shows the rebound is in its third week. I think the QQQ has severe resistance around the 105 level. Note the 30 week average (red line) is still declining.
The QQQ daily stochastic is overbought at 90, and the QQQ is approaching its upper daily 15.2 Bollinger Band, around 105.40. This rally may only have a few days or % more to go. And the SPY remains in an ominous BWR down-trend.
Time will tell if the bottom is in or if we go down again….