February's Gap Is In Play - In our last report, we mentioned that the 15-day moving average was acting as a short-term level of resistance, which, as you can see from the chart, was not able to prevent the bulls from sending the QQQQ higher. This week's chart is interesting because the bulls were able to push the index toward the bottom of the gap, near $44.50. Many traders wonder whether the QQQQ will be able to overcome this resistance. The chart below is a good example of the battle between the bulls and the bears; so far, it doesn't seem like either party has an upper hand.