Very little doubt that today’s rally ramped up some more bullishness & cleared out a significant amount of bearish sentiment & short interest but at the end of the day, no change in the intermediate or longer-term (weeks/months) outlook or technical posture as QQQ has simply made another run up towards the top of the sideways trading range that it’s been in for the past month.
QQQ 60m April 27th
Regarding the near-term (hours/days) outlook, QQQ did gap up above that near-term downtrend highlighted yesterday & as predicted in yesterday’s video, if that were to occur (which it did), it would be near-term bullish & probably cause the Q’s to run up to the top of the range (which it did) & possibly even a brief pop above it (yet to be seen but still a decent chance).
Bottom line: With AMZN earnings now out of the way, the bulk of the market-leading tech stock earnings reports are behind us so the market is likely to pick the next direction (i.e.- a definitive resolution above or below the trading range) anywhere from tomorrow to next Friday, following the (my) conclusion of earnings season with AAPL reporting after the market closes next Thursday. Until & unless the technical posture changes the intermediate & longer-term outlook, it still appears to me that we are in the final stages of a bear market rally with another major leg down still to come.