Last week provided a 5 day winning streak for the short VXX based on a consistent PDQ signal.
That was an unusual situation as the underlying VIX crossed into new territory, stayed sub 20 all week, closing on the week's absolute low at 18.13. Unfortunately, the PDQ isn't providing any guidance this week with all the signals currently OUT as of Friday's close.
While most technicians are strongly favoring a VIX pop back above 20, a look at the weekly VIX and VXX charts (not displayed) shows the VIX and VXX planted firmly AT THE TOP of the LR30 channel, suggesting the VIX can actually retreat back to about 15 before becoming oversold. That's a long way down for the VIX and a long way up for the majors.
Whether that scenario will play out remains to be seen.
With the majors already riding new highs and earnings season about to kick off, that may provide the catalyst for at least a short term pullback/consolidation before a resumption of an uptrend.