On Monday the QQQ gaped down to Thursday’s low of 63.60 area of major support and set the low of the day in the first 5 minutes. Price then powered upward setting the high for the morning just after 11:00 am where price started to move sideways, finally moving up and out at 12:30. Over lunch the Q’s tested minor support twice and continued upward at 14:00 only to close near the highs of 66.24 @ 66.12. For Monday, I’m expecting a narrow range day so be careful, take your profits sooner then later. I’d have a hard time taking along first thing and will be looking to play a short once the 2 minute uptrend in the Q’s has ended. If the market happens to gap down, I’d look to play the first 5 minute short that triggers in the market with a target area of 64.66. As mentioned I’m expecting a narrow range day between the high area of 65.30 and the lower area of 64.66, if we happen to break out of this price area a trader could look to play the first 5 minute buy or sell that occurs. My bias is long on a pull back and I’d be looking to play the hourly buy setup once triggered sometime during lunch or early afternoon.
Longs:
CREE – Daily Buy Triggered
HAL – Daily buy Triggered
STI – Daily Buy Triggered
ANF – Daily Buy Triggered
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