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With the QQQ pulling back toward the low $470’s yet again on a third major retest of the lows, it continues the process of consolidation. We see this at the bottom/lows of roughly 30-40% of past corrections. Will discuss today.

The NASDAQ-100 (QQQ) continues to test a critical breakout point at $485 which could lead to a huge surge to $500. Today marks the 6th day of the rebound from the lows.

Fed days have a historical tendency to directly precede a trend shift in the market. This is particularly true after a few fed releases have occurred during the same trend. With the fed set to release its decision on interest rates today, it could mark the start of a snap-back rally.

The market continues to go through its bottoming process as the move off the lows isn’t remotely close to the size and scope of a real rebound just yet. However, market seems set-up to bottom & rally on the fed.

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The broad market indices are retesting lows after Tuesday-Wednesday rally. Some signs point to a bottoming process having started.

Market gaps-up off of a cool inflation report. It’s possible that a 50% retracement rebound may have gotten started. The QQQ will need to close Monday’s gap minimum for this to count as anything substantial.

As the QQQ enters its 3rd day of oversold conditions, it looks to form a bottom near the $470 area ahead of a likely rally to $505 a share in the coming weeks.