Today’s hard sell off in the market ended the Daily uptrend in the QQQ. Now for you long term investors, this does not mean were in a down tend, we could go sideways. One thing is for sure, we are going to test the 75.20 area sooner then later. Currently the 5 and 15 minute charts are sideways bouncing between 77.70 and 77.20. For Wednesday, after a wide range bar, expect a narrow range day. Be quick to take your profits, expect a chippy, choppy day. If we happen to open or trade below the 77.20 area, I’d look to take the first 5 minute sell slightly below this area with a low target of 76.00 and a 2nd lower target @ 74.90. If we happen to gap up or trade above the 77.70 area, you could take the first 2 or 5 minute buy that triggers at 10 am or 10:30 am reversal time. Your long targets are 78.00 and 78.30, then I’d be looking to get short maybe a fade over lunch time…
QQQ Daily chart 10082013
60 min chart QQQ 10082013
QQQ 15 min 10082013
5 min chart QQQ 10082013
Longs: Shorts:
WMT – WRB continuation AIG – Breakdown continuation
AXP – Gap continuation
EBAY – Elephant Bar continuation
GILD – Breakdown continuation
HD – Breakdown continuation
JOY – Breakdown continuation
PCAR – Breakdown continuation
T – Gap continuation
VZ – Gap continuation
WFC – Breakdown continuation