ETF update for Thursday April 12

As I stated in my previous post, I said a downturn was over due. Today we got a pullback, I still think we have some more downside to go. Bottom line, price on a few ETF's which I highlight below have pulled back to first level support zones. At this point we must still be thinking long as the trend is still positive on the 240 min. and daily charts of most index ETF's
QQQQ has pulled back to it's daily 13 day moving average support and the .38 fib support from the March 30 low. I think price has further downside, but will be watching to see if price can stabilize here.

DIA has pulled back far enough to take a look at. This is a 60 min. chart showing price at the .38 fib. support. I would like to see a further pullback to the 200 moving average support around 124, which would coincide with daily 50 moving average support. If we get a trend change to bullish on the 60 min. chart tommorrow, I will look to go long, but my feeling is that we have further downside to go.

USO, United States Oil Fund, is testing the bottom of the up channel in the chart above. It's not close to setting up for me to go long yet, but I'm keeping an eye on it.