First time SQQQ above linear regression channel since Nov 10th

Just an interesting observation. SQQQ has been in a very tight linear regression channel sine November. Today was the first time that it made a clear close above this channel. Could just be a good opportunity to buy NDX or it could be a more bearish sign for the NDX.

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Here is what it looks like on TQQQ

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NDX

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8% bounce this morning