The Q’s ended near the lows of the day after attempting a run at the high of the day and coming up short to roll over at the 68.08 area. The QQQ closed the day at 67.97 just a few cents off yesterdays close. For Thursday we would need to get above the 68.08 area to resume the uptrend on the 5 minute chart. If we gap above 68.08 or trade through this area, I’d be looking to take the first 5 minute buy in the market near 10:30 reversal time. We can play the market short once price breaks below the 67.68 area either by gaping below or trading through this area. Upon the break of the 67.68 area I’d look to take the first 5 minute sell that triggers at or near 10:30 reversal time. Currently the price action in the QQQ is sideways where we short the top 68.08 and buy the bottom at 67.68 or we just wait for the break out to lead the way.
Longs:
JNPR – Daily buy watch
MET – Daily buy triggered
MOS – Daily buy triggered
NTAP – Pivot I pattern
RIG – Daily buy triggered
Shorts:
APOL – Major support break
BRCM – Daily sell watch
LVS – Money bar pattern
