Shorts:
BRCM – Break down continuation pattern
KLAC – Break down continuation pattern
LVS – Break down continuation pattern
NTAP – Pivot I continuation pattern
VLO – Break down, wide range bar continuation pattern
XLNX – Gap continuation pattern
Longs: None
The QQQ opened up neutral this morning and rallied up to yesterday afternoons top of the base at 67.42 area setting the high in at 10:30 reversal time. The market basically sold off starting at 11:50 lunch and hit bottom at during the last 15 minute before closing. I would expect a repeat of today for tomorrow, which if we open neutral and break the low of 66.80 one could look to take the first 5 minute or 15 minute sell setup that occurs in the QQQ. First lower target areas for the market will be 66.35 and the 2nd lower target will be the 65.40 area. If for some reason we gap up or rally upward, look to play the hourly sell that occurs at or near 10 or 10:30 am near the 67.74 price area. My bias is short, stay short! If the market puts in a higher high on the 5 minute chart sometime tomorrow, one could take the next buy setup that occurs long.
QQQ 2