Today the QQQ’s almost did a repeat from yesterday, price gapped up, filled the gap and took off long until 12:30 which was the high for the day and we faded lower the rest of the afternoon into the close.
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We are 4 days up already and should be expecting a pull back. For Wednesday if we open neutral we should be looking to play the hourly buy somewere in the 66.35 – 66.00 area around 10 or 10:30, our first target will be 66.90 and longer targets at 67.50 – 67.75 area. If we gap below the 66.00 area and continue lower, we will be barish and we will look to take the first 5 minute sell setup that pulls back to this area at 10 or 10:30 am. Our short target will be the 65.00 area. Last but not least, if we happen to gap above today’s high of 66.90 we can play the pull back into the base on a 5 minute buy setup or the first 5 minute buy setup at 10 or 10:30. I would not be surprised if we had another repeat of the last two days of trading…