QQQ RSI below 30, extremely oversold

SmartReversals
04-06

$Invesco QQQ(QQQ)$ : Island candle below the Bollinger band and RSI below 30; extremely oversold.

Those three elements are the perfect formula for a sustained bounce. However, I don't like the shape of the bands, so a short lived bounce is more likely than a bottom.

Perhaps a gap down is better than a weak bounce. In any case, when candles break above the Bollinger band with a gap, the odds for a gap fill are very likely within the next month, there is no reason to see something different on the bear side, even more after falling more than 20% in such a short period of time.

$SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$

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