AN HOURLY LOOK AT QQQ REBOUND

HOURLY CHART SHOWS OVERHEAD RESISTANCE... The hourly price bars in Chart 1 show the Invesco QQQ Trust which measures the Nasdaq 100 Index trying to build on yesterday's bounce off its 50-day moving average.   The big question is whether a bottom has been seen, or whether more testing of underlying support lies ahead.   One way to help determine that is to look at the size and volume of the current rebound.   The hourly bars in Chart 1 show the QQQ having recovered about 38% of its three day decline as measured by the red Fibonacci retracement lines.   The next line of overhead resistance is at the 50% retracement line near 286 which corresponds with some hourly overhead resistance formed last Friday.   One negative feature on the chart is the lack of upside volume over the last two days.  That can be seen by the hourly volume bars beneath the chart which show red hourly bars exceeding the green volume bars.   Unless that changes, the lack of upside volume casts some doubt on the staying power of the short-term rebound.   Which suggests that more testing of underlying support may lie ahead.