Today's rally while substantial on a percentage basis was lacking in volume and must be regarded with suspicion. That said, volume could pick up on additional follow-through. If the rally from the March low is to continue from this point, we should not see a move below last week's low on volume. Last week's low could be retested, but it should hold in that case.
If the correction/consolidation continues for a few more days, we could see the 50dema rise above last week's low which would provide additional support for a continuation of the rally without a significant breakdown. One good thing about today's rally was that the Qs closed back above the 200dema.
I will continue to maintain stops in the vicinity of last week's low to protect against a potential breakdown even though it looks as though it may not occur.