Longs:
JCP – 123
LOW – Buy setup triggered
Shorts:
ANF – Sell setup triggered
HOG – Retest & Failure
INFY – Gap continuation
WFC – Gap continuation
Looking at the weekly chart of the QQQ the week formed a nice sold red bar down which gives the appearance that we have not yet bottomed out and price should be headed lower. I marked the two areas of support at 65.40 and the next area of 62.18, these are the areas that we should look to see some type of bounce, COG (Change of Guard), or a narrow range bar with in the next few weeks. Even though our Daily chart is in a downtrend, our weekly chart is still in an uptrend which makes for a wippy type of price action and is very challenging for day traders. For Monday, once we trade below Friday’s close, I would look to take the first 5 minute sell setup. If we happen to gap up and or rally, I would look to take a 15 minute sell setup at 10 or 10:30 reversal time but make sure the 2 minute chart has established it’s down trend as well.
QQQ101312