2nd day of $QQQ short term down-trend–waiting for follow-through


This is the difficult part. Was Monday’s rise the proverbial dead cat bounce or the start of a real turnaround? I want to see more evidence that we have bottomed before I commit funds again. While 96% of the NASDAQ 100 stocks rose on Monday, only 69% of all US stocks did. There were 48 new highs and 183 new lows. If the indexes falter, I will remain mostly in cash and buy a small position in leveraged inverse ETFs, which rise as the market falls. Monday was the 2nd day of a new QQQ short term down-trend. I will be more confident of trading this new down-trend trend if it lasts 5 days. Here is the daily chart of the QQQ. Can it retake and closed above its 50 day average (green dotted line)?

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