The Q’s gaped down first thing this morning and set the low of the day at 66.25 by 9:35 am. The QQQ hung around this area until 10 am reversal time where the Q’s finally decide to make a run upward into minor resistance by 11:30 am @ 66.71 and setting the high for the morning. Then, the market triggered a 15 minute sell finding major support at the 66.35 area at 1:30 pm. Heading into the afternoon the Q’s rallied into the close barley breaking the high of the day and closing at 66.68. My first play was a short play in XOM which I found on my gap list which was a pretty nice mortgage type gap, gaping below a prior wide range green bar. After two attempts lower I gave up on the short with a small 1 R loss. Here is the chart on my short play in XOM…
XOM