The Q’s happened to trigger the daily buy today but by only a few cents and that was the high of the day. The daily chart looks more like a failed buy attempt now and the 15 minute chart shows a sideways price action while currently we closed in the middle at 66.54. The high end of this pattern is the 66.80 area and the lower end is the 66.20 area. For Wednesday, I’ll be waiting on the market to break out above or below one of these areas even though my bias is lower since the last 3 days we have made lower lows on the Daily chart. If the market opens neutral and powers upward, I’ll be looking to short at the 66.80 area near 10 am reversal time, and if we head lower I’ll be looking to buy at the 66.20 area at or near 10 am also. If we happen to gap below the 66.20 area, I’ll look to take the first pull back to the same area short on a 5 or 15 minute sell at or near 10 or 10:30 am. If we happen, which I doubt, to gap over the 66.80 area, I’ll be looking to take the first 5 minute buy setup at or near this area on a pull back near 10 am. Our lower target is the 65.67 area on a break of the 66.20 area, and a longer target is 67.37 if we happen to get over the 66.80 area.
Longs:
HPQ – Pivot I
JPM – Pivot I
Shorts:
AXP – Climatic watch
CELG – Climatic Watch
CREE – Gap Down continuation
RIG – Climatic Watch
