The QQQQ has experienced difficulties moving higher since it failed to get above the ascending trendline on January 12. This failed move above the resistance has caused many traders to question the chance of another test of the $45.50 level and has been one of the primary reasons technical traders are cautious of short-term moves higher. In our last report, we noted that the brief pullback toward the 15-day moving average would become particularly interesting if the QQQQ moved below it. As you can see from the chart below, the bears did push the index below the moving average, which is now acting as a area of short-term resistance. We'll continue to hold onto our short-term target near the 100 DMA until the bulls are able to push the index back above its 15-day moving average (blue line).