The Q's sold off hard today reaching a Major Support area at the low of the day @ 66.21 before bouncing during the last 5 minutes of the trading session. For tomorrow, if we open neutral we can play the first 5 minute sell in the market that occurs near 10 am @ the 66.85 area of minor support with a target back down into the 66.20 area of major support. If we happen to gap above the 67.05 area we could look to take the first 5 minute buy that occurs preferably at 10 am or 10:30 am reversal time with a long target of 67.35 area. Currently we are in a 5 minute downtrend in the QQQ and all pull backs to the declining 20 ma should be shorted until the downtrend is broken, an obvious lower target is 65.69, the current location of the flat 200 ma.
5 min QQQ02252013 1
Longs:
AMGN - Gap continuation
ESRX - Buy watch
HPQ - 123
Shorts:
APOL - 123 continuation
BK - Buy failure
C - Buy failure
JDSU - Buy failure
JPM - Buy failure
Low - Buy failure
SLB - Buy failure