The QQQ index is currently trading just above its 50-day moving average (50-DMA), which has been a critical support level for the index. Recent observations indicate that the bulls must defend this level to maintain upward momentum. Technical analysis suggests a potential inverse head and shoulders pattern, with projections indicating that if the Non-Farm Payroll (NFP) data meets expectations, the QQQ could rise towards the $523-$525 resistance range. However, bullish sentiment among investors has declined, with the American Association of Individual Investors (AAII) reporting a drop in bullish sentiment to 34.7%, marking three consecutive weeks below 38%. This trend has not been seen since late 2023, complicating the outlook for a sustained market correction as many investors anticipate pullbacks.