With $46.1 billion in assets under management, the PowerShares QQQ (NasdaqGM: QQQ), the NASDAQ-100 tracking ETF, is a big ETF. One of the biggest in fact.

QQQ is also a big ETF facing some important near-term tests after soaring 10.6% over the past three months while hauling in $1.53 billion in new assets over that time.

“QQQ remains in pretty good shape, as it closed back above the 10-day moving average (an important near-term support level for strong uptrends) and within just 20 cents of its prior ‘swing high,” notes Deron Wagner of Morpheus Trading Group.

However, Wagner also points out QQQ is flashing some bearish signals on its weekly chart.

“With mixed bullish and bearish signals, last week’s low now becomes a pivotal support level to monitor in the near-term. If last week’s low is broken this week, we could potentially see a rapid pullback to the 10-week moving average,” said Wagner.

QQQ’s fundamental and technical outlooks should become more clear this week as a spate of the ETF’s marquee constituents report earnings. On Tuesday, Apple (NasdaqGS: AAPL) and Microsoft (NasdaqGS: MSFT) report after the close of U.S. markets and those stocks just happen to combine for over 21% of QQQ’s weight. [Investors Return to Apple ETFs]

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