We knew there would be a bounce back up from the large March decline. The key to the market’s direction will be whether the indexes can hold their March lows and retake their recent highs. See the modified daily Guppy chart of QQQ. Time will tell, but for now QQQ remains in a BWR decline.
The 10 week average (blue dotted line) is close to declining below the 30 week average (red solid line), an ominous development. Note that QQQ has closed the gap below the 4 week average and is thus no longer oversold.
