The bulls were able to recover nicely from last week's move below the ascending trendline. As you can see from the chart below, the QQQQ is now trapped between the trendline and the resistance of $43. We expect that the short-term direction of the index will now depend on which one of these identified trendlienes get broken first. For this reason, we expect that Monday and Tuesday's trading action could be of strategic importance. The move back above the trendline suggests that the momentum could remain upward, but we'll choose to be careful here because the move below the trendline suggests that the bulls are becoming less confident.