In our last report, we mentioned that some traders looking to enter the market may have been comforted by the nearby support of the 100 DMA and that this could prove to be the catalyst that would send the QQQQ back toward the top end of its confined range. As you can see from the chart, the past week was dominated by the bulls as they sent the QQQQ back toward its January highs of $45.50. It will be interesting to see whether the bulls will be able to push the index above this resistance and end the period of consolidation, or if the bears will extend Friday's loss and send the QQQQ back toward its 100-day moving average.