The QQQ ended Friday’s trading day @ 79.06 and currently in a presumed 5 minute uptrend. Price has been basically sideways on the hourly chart with the QQQ trading between the 79.40 and 78.40 areas. If the QQQ opens neutral or with a gap up on Monday, I’d look to take the first buy setup that triggers on the 5 minute chart in the 79.20 area with a long target of the 79.60 area. If we happen to trade or gap below the 78.90 area and head lower, I’d look to take the first sell setup that triggers at 10 am or 10:30 am reversal time on the 5 minute chart. My bias is long and I would not be surprised to see the QQQ run up to challenge the 79.60 sometime during the trading day on Monday.
QQQ homework 09292013
Longs: Shorts:
DIS – 123 watch BAC – Breakdown continuation
GILD – Daily buy continuation BRCM – GBI continuation
UAL – Gap continuation