The Q’s ended the day just breaking the 5 minute uptrend which does not mean we are in a down trend. Price closed at 78.07 and is nearing Major support. The fact that price has retraced this far is a bullish sign and if price gets above or gaps above the 78.12 area Thursday morning, the uptrend will continue. If this happens I would take a long buy setup that triggers any where above the 78.00 level with a long target in the 78.25 area. If we happen to open neutral Thursday morning and roll over, we could then be stuck in a sideways pattern and therefore I would wait for a break of the 77.91 area before I’d be looking for a short. If we happen to gap below the 77.91 area, we could look to play the first sell setup that occurs at 10 am or 10:30 am reversal time. A Lower target for our short would be the 77.25 area. My bias is neutral, be patient and wait for the market to lead the way… Click on charts to enlarge…
QQQ 09112013 15 minute chart 1
5 minute chart QQQ 09112013
Longs: Shorts:
AIG – Pivot I ANF – Daily sell watch
DIS – Break out continuation BRCM – Daily sell Triggered
ESRX – Pivot I continuation
TGT – Break out continuation
UNH – Break out continuation
VLO – Daily buy watch