The QQQ ended the day Friday going sideways from lunch to closing and trading in a range of 67.30 – 67.50. For Monday if we gap above the 67.50 and rally or open neutral and breakout above this area, I would take the first 5 minute buy that occurs in the market with a first target of 67.60 and a longer target of 67.75.
If the QQQ gaps below the 67.28 area and sells off or if we open neutral and break down below this area, the first 5 minute sell that triggers in the market would be short able with a first lower target of the 67.03 area and two lower targets of 66. 78 and 66.32. I expected the Q’s to have broken down on Friday afternoon, but it did not, so my bias is long and after reviewing the daily chart after Friday’s close, we look higher. Wait for the break out or break down in the market, then follow accordingly…
QQQ03032013
Longs:
APOL – Climatic watch
CREE – Pivot I
INFY – Daily buy watch
PEP – Break out watch
Shorts:
ANF – Daily sell triggered
ANR – Pivot I
FWLT – Gap continuation
HAL – Daily sell triggered
HOG – Daily sell triggered
PCAR – Daily sell triggered
POT – Daily sell triggered
VZ – Climatic watch