Monday's sharp drop and the news of several retailers seeing a slower-than-anticipated start to the holiday season caused many traders to question the conviction of the recent bull rally. As you can see from the chart below, the bears were able to push the QQQQ down toward the combined support of the 15-day moving average and the ascending trendline, which is also the area that the index happened to hover around for majority of the week. Friday's sharp move below the trendline suggests that we may see a move lower across the broad markets and it will be interesting to see if this decline will cause a sustained breakdown, or if the bulls will be able to respond and push the index back above the trendline.