After Friday’s wild ride and afternoon break out above the 77.30 area in the QQQ, price did sell off breaking the prior pivot low near the 77.00 area and ending the uptrend on the 5 minute chart. Even though the uptrend has ended does not mean we are in a new down trend yet, price could go sideways and continue the uptrend later. For Monday, if we open neutral and price falls or gaps down, I would look to take the first sell that triggers near the 77.00 area preferable at 10:30 am reversal time with the first target area @ the 76.55 area and a 2nd longer target @ the 76.05 area. If we happen to gap up and rally above the 77.15 area, I would look to take the first higher low that triggers long and I would expect that price would break Friday’s high of 77.34. I prefer the short if it happens because of the beautiful void below… Click on chart to enlarge…
QQQ 0908213
Longs: Shorts:
CELG – Pivot I AXP – Daily sell triggered
GILD – Pivot I BRCM – Daily sell watch
JPM – Pivot I C – Daily sell triggered
VZ – Daily sell triggered