QQQ outside channel

Since april, we have traded in an upward channel, showing buy signals at every bottom. It has also shown strong pullbacks when we see 1 or 2 closes above the channel.

If we reach the 20sma, the trend would still not be broken, and could prove to be a "buy the dip" scenario... A strong close below the 20sma, will most likely take us to the 50sma.


P.S:
- back-testing shows when the VIX is higher and the SPX keeps trending higher, a pullback is to be expected. (bearish)
- the Mclellan Oscilator is trending lower for the past couple of weeks. (bearish)

Good luck, be safe.