The Q's ended the day breaking the downtrend on the 5 minute chart but rolling over at the end of the day on minor support. If we happen to open and rally or gap above the 66.71 area, the next 5 minute buy setup at 10 am or 10:30 am would be playable long with a longer target of 67.86 area. If we cannot get above the 66.71 area or below the 66.23 area we will be in a sideways pattern and I'd wait for the break of one of these areas before making a trade. If we happen to move or gap below the 66.23 area, I would look to take the first 5 minute sell in the market at 10 or 10:30 reversal time with a lower targets of 66.17 and 65.67 which happens to be the flat 200 ma on the daily chart. My bias is short, but I'd like to see some type rally into the hourly sell in the market at a reversal time at 11:15 or 12:00 noon.
5 min QQQ 02212013 1
Longs:
JPM - Daily buy watch
PEP - Level I pivot
VLO - Daily buy watch
Shorts:
AKAM - Daily sell continued
APOL - Daily sell triggered
CHRW - Pivot I continuation
CTSH - Daily sell triggered
HD - Break down continuation
JOY - Gap continuation
LOW - Break down continuation
ORCL - Daily sell triggered