Bullish Momentum with Overbought Risk

QQQ showed a strong intraday reversal on May 20 with a sharp drop from 713 to around 550 before rallying sharply to over 720 by midday May 22. This extreme volatility suggests aggressive position building and liquidation. EMA5 remained flat at 712.92 across sessions, indicating lagging momentum despite price swings. Price closed above EMA20 at 696.63 on May 22 confirming short-term support. RSI would likely show overbought conditions post surge but volume data is unavailable. SPY mirrored the pattern but with less magnitude.

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Source: Generated by Qwen

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