At 14:00 after the FOMC minutes were released, the QQQ started a 5 minute down trend and with 15 minutes left in trading the Q’s finally triggered a 15 minute buy at major support. If we open neutral tomorrow the 5 minute chart will still be in a down trend but at major support. With major resistance close over head at the 67.35 area I would believe that we currently are in a sideways trend. If we open neutral I’d be looking long on the next higher low on the 2 minute chart with a long target at 67.35 area. If we happen to gap over this entire area of 67.35, I’d look to play the next 5 minute buy with a long target of 68.30 area. A gap that stays below the 67.35 area would cause me to be looking to short the first 5 minute sell setup that occurs at 10 or 10:30 am reversal time. If we happen to gap below the 66.50 area, I would look to play the first 5 minute base or a pull back to this area short with a gap fill target of 65.35 area. If we open between the high of 67.35 and 66.50 expect a sideways trend until we break out above or below this area.
Longs: None
Shorts: UNH
