The QQQ ended the day by ending the uptrend on the 5 minute chart to close @ 79.65 but this does not mean were in a downtrend, we could go sideways Thursday morning. If we open neutral and trade or gap above the 79.76 area this would continue the uptrend on the 5 minute chart and I would look to take the first 5 or 15 minute buy that triggers at 10 am or 10:30 am reversal time with a target of 80.00. If we open and trade through or gap below the 79.45 area, then I’d look to take the first sell setup that occurs on the 5 or 15 minute chart at 10 am or 10:30 am reversal time with a low target @ 79.10 area and a real lower target @ the 78.70 area. With both scenarios a 123 pattern or base breakout or breakdown could also be used as an entry.
Daily chart of the QQQ 02032013 homework
60 minute chart QQQ 10032013
15 minute chart QQQ 10032013 homework
Longs: Shorts:
ALL – Daily buy triggered AXP – Gap continuation
CREE – 123 watch