$QQQ Bullish Reversal or Dead Cat Bounce?
This is a daily candle chart of the Q's. I'm not to convinced that todays action was anything material to the trend. The major support line from the covid trough breakout is broken. Minor support from the peak at $382.11 has not been reclaimed. The index is below the 50 day SMA. Moreover, the support line on the RSI that coincides with the previous tests of the minor support at $382.11 also failed to be reclaimed on todays rally. The long term trend is still in tact IMO and my thought process is the QQQ consolidates vs breaking down and correcting. Thoughts?
