A Close Above the Resistance - In our last report, we mentioned that the chart of the QQQQ represented a good example of the battle between the bulls and the bears and that neither group was controlling the direction of the index. As you can see from the chart below, the bulls rallied together to show their strength last week as they pushed the QQQQ above the resistance of $44.50. This bullish price action could be the sign many traders will use to confirm a move back toward the February high. It will also be very interesting to see how the approaching first-quarter earnings season will affect the market over the next several weeks.