The PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) has been making a valiant effort to push up from its current levels, but has spent the last few days trading in a relatively tight range. Still, after consolidating over the past two months following a huge move to the upside, the ETF seems to have found a sweet spot just a few percentage points away from its all-time high.

Considering we’re in the midst of a new earnings season with plenty of tech companies on tap to report a mixed bag, we shouldn’t be surprised to see more dips and surges in the coming weeks.

This week includes earnings reports from Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) and more.

The ETF is currently at the same level it was in early August. Some may see that as a bearish signal, but in reality, a consolidation phase during a long-term bull market is undeniably bullish.

I think we’ll see a breakout crest before the end of the year, and it will lead to another leg higher as the uptrend continues.

The 50-day moving average has functioned as a support level for the QQQ ETF during the recent pullbacks we saw last week and in September. But more important to the short-term action is the low of $115 the ETF hit in mid-October. As long as QQQ can hold above that marker, all remains bullish in the short-term.

With several of the top 10 holdings set to report earnings in the coming weeks, the fate of the ETF will largely rely on some of the biggest players. Microsoft Corporation (NASDAQ:MSFT) beat last week, and we’ve mentioned AMZN, AAPL and GOOGL. Facebook Inc (NASDAQ:FB) also still needs to report.

Fortunately, with the exception of Intel Corporation (NASDAQ:INTC), the tech names should continue to surprise to the upside. This would set QQQ up for a breakout sooner rather than later.

Matthew McCall is founder and president of Penn Financial Group, an investment advisory firm. Matt also is Editor of FUTR Stocks and the ETF Bulletin. Earlier this year, Matt and Hilary Kramer teamed up on Breakout Stocks where Matt serves as the Co-Editor. Most recently, Matt and Hilary joined forces again. This time, they are helping individual investors make money trading ETFs. For more on their latest project, visit www.etfedgesummit.com.