After our narrow range day yesterday, the Q’s gaped down and ran down to support at 65.19 setting a new low by 9:35 am. Then the market rallied up to minor resistance at 65.68 setting what should be the high of the day at 10:00 am. The market proceeded to trigger a 15 minute sell moving prices lower taking out the 9:35 low. Since then, the market has rallied back up making a higher low, breaking the downtrend on the 5 minute chart. I don’t believe the Q’s will take out the high of the day of 65.68 but rather remain in this trading range until close. I have no trades today, I basically made my week in my account yesterday, so I decided to reward myself with a day off. I’ll be back tomorrow with more analysis and great plays!
qqq10232012
qqq10232012