Spring break was a tough trading week with lighter volume and I like many traders, really did not know which way this market was going to go. I believe we got an answer Thursday afternoon as the market broke out and closed near the highs of the day but still in an area of Major resistance. For Monday, if we gap above the $69.00 area I would look to take the next 5 or 15 minute buy setup preferable at 10 am or 10:30 am with a long target for the QQQ @ the $69.75 area. If we gap down above the 68.76 area and start to rally, I’d take the first 2 or 5 minute buy setup. If the gap is below this area, I’d be looking to get short on the first 5 minute sell in the market with a low target of $68.64-$68.52 area. It will be an interesting day since it is a banking holiday for most of Europe…
QQQ0331213
Shorts: None
Longs:
ADBE – Wide range bar
BAC – Daily buy watch
STI – Pivot I
TEVA – Daily buy watch
WFC – Daily buy watch
WMT – Break out watch