The Q's opened the day neutral and set the high of the day by 9:40 @ 69.09 then price began to move lower breaking down ending the uptrend at 10 am. Price continued to move sideways until 10:30 am where we had our second major breakdown in price as the Q's headed lower setting the low for the morning by 11 am @ 68.51. Price rallied into 11:50 only to roll over to test the lows again at 12:30 pm and bouncing at major support. Price rallied back up into our W pattern but could not break the neck @ 1:30 pm and price headed lower making the next lower high at 2:05 pm just after lunch where price sold off hard breaking major support and setting a new low of the day @ 68.31 by 3:40 pm. The QQQ closed above the lows @ 68.46.
QQQ4012013
My play of the day came in AMGN which I found as a momentum play after the first 5 minutes of trading. Price put in a nice wide range green bar, I entered the play over the 5 minute high and price took off nicely. I hit two targets .26 and .75 and I thought we might hit 104 but price sold off hard shaking me out at 10 am and thus the high of the day was set as price headed lower the rest of the day. Here is my chart for my play of the day in AMGN...
amgn