After a big sell off in the QQQ on Thursday, The Q's opened on Friday with a small gap up opening the day at 67.30 and immediately set the low for the day as price rallied into 11:45 where the high was set @ 68.23. Price pulled in a bit during lunch to set a higher pivot low at 67.89 and then went sideways with the Q's testing the highs and lows again, so currently we are in a sideways trading range between 68.23 the high and 67.89 the low. For Monday, we really need to wait to see which way the market will break. My guess would be lower where we have a nice void to the downside. If we gap up but don't take out the 68.35 area I'd be looking to short the first 5 minute buy that fails in this area. If we happen to gap below the 67.89 area, I'd be looking to take the first 5 minute sell setup that occurs at 10 am or 10:30 am reversal time. If we happen to open close to neutral I'll wait for a breakout or breakdown in the market looking to take the first 5 minute pull back on a short play. If we happen to break out to the long side, I think I'll SOH ( Set on Hands) because of the heavy resistance nearby the 68.35 area.
Click on chart to enlarge...
QQQ4212013
Longs:
DIS - Break out
GILD - Break out
VZ - Gap continuation
Shorts:
SNDK - 123