It's a rally.
On the QQQQs notice the following:
-- Prices crossed the 200 day SMA today
-- Prices are above all the SMAs
-- The shorter SMAs are bullishly aligned (10>20>50)
-- All the shorter SMAs are headed higher.
For the last few weeks I have been complaining that one of the other two averages (IWMs and SPYs) were not breaking out of their ranges. That changed today.
Both the SPYs and the IWMs broke through key resistance areas today.
Onward and upward.