In our last report, we mentioned that traders would watch for the bears to push the QQQQ toward the support of its 100-day moving average. The downward momentum that started with a move below the 15-day moving average was unable to continue as the bulls stepped in and pushed the QQQQ above the previous resistance of $44.85. As you can see from the chart below, the index is now in an interesting position because it is trapped beneath the resistance of a medium-term trendline, but is trading above the newly-formed support of its December highs. Many traders will remain sidelined until they see which one of these barriers will be broken first.