The Bearish:
The November downtrend is still intact. It failed at the trendline two weeks ago, and then again last Friday.
The Bullish:
The 50DMA is sloping upward from below and will probably cross back above the 200DMA soon.
The 200DMA supported QQQQ several times during May. It is now sloping upward slightly.
The March uptrend is still intact.
What to look for:
Soon we'll either break to the upside above the downtrend line, or break to the downside through the March uptrend and through the 200DMA. I got long at $48.50. If QQQQ closes below $48, I'm outta here.
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