By 3 pm today the Q’s ended the 5 minute down trend and finished the day in a sideways trend with the high at 65.20 and the low of 65.05. For tomorrow expect a very similar market as today. If we gap down and stay above the 64.75 area, I would look to buy the first 5 minute higher low near 10 am or 10:30 reversal time with a first target of 65.05 minor resistance and the next major resistance target would be 65.20. If we gap or trade through the 64.75 area, I would short the first 5 minute sell setup that occurs below this area with a short target at Major support of the 64.21 area. If we open neutral and trade up through 65.20 or gap above this area, I would look to take the first 5 minute buy above this area with a target of 66.43 area. Based on today’s price action my bias is neutral for tomorrow, let the market lead the way…
qqq12112012
Longs:
CELG – Daily Break out continuation
GILD – Daily buy watch
JDSU – Pivot I continuation
LLY – Daily break out continuation
UNH – Daily buy triggered
VLO – RBI
Shorts:
TOL – Break down Watch
TEVA – Climatic Watch
WAG – Climatic Watch