Happy Friday the 13th traders, with the Q's 5 minute chart in a chop slop mess, I'm forced to go to the 15 minute chart to gain some clarity. Tomorrow we can't go long unless the market trades throw or gaps above the 78.35 area, then I would take the first 5 or 15 minute buy that triggers at 10 am or 10:30 am reversal time. I'm not sure where the long target would be, so stay long until the 2 minute uptrend ends on the 2 minute chart. Otherwise, I would look to short on a break down or gap down below the 77.85 area, wait for a pull back into this area to get short. Lower targets would be the 77.60 area and a lower low target of 77.25 area. If we happen to open neutral, which is my bias at the moment, I'd short the top near the 78.25 area and buy the bottom near the 77.85 area. Tough tight trading if we open neutral on this Friday the 13th, stay safe!
Click on chart to enlarge...
QQQ 15 minute 09122013
Longs: Shorts:
WAG - Picture of power - continuation CSCO - Daily sell watch
HAL - Gap continuation
HPQ - Break down watch
TGT - Daily sell triggered
VLO - Break down continuation