Unless and until the Q's (Nasdaq: QQQQ) hurdle and sustain above 45.45, the pattern carved out since July 1st continues to exhibit lower-lows and lower-highs (otherwise defined as a downtrend!). A rally that hurdles 45.45 will be my first (relatively minor) signal that the near-term downtrend in the Q's has been neutralized, while a climb above 45.90-46.25 will trigger new near-term buy signals. As of this moment, however, neither the pattern off of Friday's low nor the momentum configuration impress (me) as indicative of a significant low in place.
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