The Q's closed near the highs of the day @ 79.77 in a 5 and 15 minute uptrend. We are at the very tip top on the hourly chart and we would have to go out to the quarterly chart before we could see any reference points to the left. Currently we are 5 bars up on the hourly chart and I'd be looking for a pull back sometime tomorrow. Honestly, I'd have to wait for an hourly pull back before going long at this point so if we gap up or down and stay above the 79.45 area, I'd be looking for the first buy that fails, near 10 am or 10:30 am reversal time, on the 5 minute chart to get short, your targets will be the 79.25 - 78.75 area. If we happen to gap below the 79.45 area, I'd look to take the first sell setup that triggers at 10 am reversal time with the same lower targets. If for some strange reason we gap below the 78.75 area I'd look to short the 5 minute low or wait for a 2 or 5 minute sell to trigger, your targets will be 77.75 and the gap fill of 77.25 then 76.30.
Quarterly chart of the QQQ
Daily homework QQQ 10142013
Hourly homework QQQ 10142013
Longs: Shorts: None
CTSH - 123 watch
GILD - RBI