The first thing to note – in the orange box - is that QQQ – the Invesco QQQ Trust – is still trading within a bullish channel between its 10-day exponential moving average and the upper Bollinger Band.
Although the big bearish candlestick on Tuesday brought price to the lower limit of the channel, in the following three days the bulls managed to bring price back on bullish course.
This momentum weakness has been depicted in MACD as well, as the indicator lost its strength and moved horizontally. Despite that, MACD is still moving above its signal line and in positive territory.
Provided the bullish trend continues, price will have to cross over the blue resistance line at about 191.
As for QQQ’s Relative Strength, it’s still above its 20-day exponential moving average, which is currently moving up.