In our last report, we mentioned that the bulls' failed attempt to push the QQQQ above the resistance of its medium-term trendline caused many traders to question the chance of another test of the $45.50 level. As you can see from the chart below, we've added the Relative Strength Index because it has been creating a series of new lows while the QQQQ has continued to move sideways. This negative divergence is another technical sign of traders' lack of conviction of a move higher. We'll continue to hold onto our short-term target near the 100 DMA until we get confirmation from other technical indicators that the sideways momentum has ended.