The QQQ ended the day on Friday @ 78.99 in a downtrend on the 5 and 15 minute time frames. Price is currently at an area of resistance which can be seen on the 15 minute chart via the overlapping bars. For Monday if we open neutral price could bounce from here but by the way we got here I kinda doubt that we are finished going lower. All of those overlapping bars on the 5 and 15 minute chart would make it a hard grind going back up and a tougher trading environment, if this were to occur, I would wait for the uptrend to end on the 5 minute chart and look to get short. If we happen to gap down or trade down below the 78.99 area we could look to short the first 5 minute sell that occurs in the market preferable at 10 am reversal time near this same area. Lower targets would be the minor support on the 60 minute chart @ the 78.75-78.60 area. It is this minor support area that I’d be looking to play the hourly buy, if it triggers, zoom down to the 5 minute chart to find your entry long. Your long target would be back up to the high @ 79.65 area. If, for some reason we happen to gap above the 79.30 area and run up, I’d look to get long on the first 5 or 15 minute buy that triggers in this same area with a long target back up to the 79.65. Click on chart to enlarge…
QQQ 09222013 homework
Longs: Shorts:
ADBE – Gap continuation ESRX – 123 watch
RIG – Breakdown continuation
STI – 123 watch
UNH – 123 watch
VZ – Daily sell triggered