The market gaped down to the 64.50 area at the open and setting the low for the day so far during the first 5 minutes. We rallied up and triggered a 15 minute sell in the market at minor resistance, which failed and now we have moved higher into major resistance where the market has set the high of the day at 12:00 noon. From here price in the Q’s is drifting lower but for now we have ended the down trend and at best we are now in a sideways trend. My first and only play thus far was the 15 minute sell in the Q’s. I’m not one to trade the market but it was my best setup from my universe of stocks. It had text book qualities such as 3 bars up into minor support, topping tail bar nice hard trigger etc. The only negative was that the move came from Major support below forming a well known possible W pattern where traders will believe that we have the bottom for the day. Here is the chart for my play in the QQQ.
QQQ12062012