QQQ monthly buy signal

QQQ (Nasdaq) monthly finished bullish. Monthly candle close above two trend lines and 8 month MA which is bullish.

After dropping last month and falling below the trend line and 50 months MA, QQQ manage to "heal" them self therefore we must give a buy signal on the monthly chart. The first major resistance would be at 20 months MA green falling line. From the bearish point of view, even though it got a buy signal, the volume is smaller and smaller which is a perfect, textbook example of low base formation.

After a huge drop prices start to consolidate on smaller volumes which could be an indication of a new leg down if lows are broken. Volume didn't confirm this price action as it is lower than 20 months average volume.

RSI is neutral while MACD is a problem, the MACD line falls below zero line and could continue to drop. Same as other indices next month will tell us the story for a whole year.