In our past couple of reports, we've been mentioning that a close above the resistance near $43 would be of "strategic importance" because it would determine the QQQQ's short-term direction. As you can see from the chart below, the uptrend has increased in intensity since moving above the resistance, which has caused many traders to start wondering when a pullback will occur. We expect to see the QQQQ get propped up by the combined support of the ascending trendline and 15-day moving average when the bears do step in, but it is unwise to anticipate this correction before any indicators confirm the decline.