The Q's closed @ 80.39 after a nice gap up this morning continuing the 15 minute uptrend and officially confirming the 60 minute uptrend. The Daily chart closed looking extremely bullish after today's engulfing green candle form a pattern known as a RBI (Red Bar Ignored). This usually sets up, what is known by traders as, a measured move higher. Take the previous low of 76.35 minus the top of yesterday's red candle of 80.11 which equals $3.76. The measured move expected would be another $3.76 above today's low, so if we do the math it looks like 79.79 + 3.76 = 83.55 as the long target in the QQQ.
For Thursday, I'm bullish after today's close so if we gap up, I'd be looking to take the first 5 minute buy that triggers above the 79.35 area. If we happen to gap down below the 79.30 area, I'd take the first short that triggers in this same area with a target of the 78.25 area and a 2nd target of the 78.00 area. If we happen to open neutral and go sideways, I'd look to take the breakout or breakdown that occurs at or near 10 am reversal time. If we open neutral and rally, then take the first 5 or 15 minute buy that triggers near 10 am or 10:30 am reversal time. If we happen to fade the open, I'd wait for Wednesday's high to be taken out before looking for a buy setup or I'd look to get short on a 5 minute buy failure. Long targets, who knows? Look at the whole numbers as possible places for resistance such as 80.50, 80.75 and the 81.00 dollar areas.
Daily QQQ 10152013
60 minute QQQ 10152013
QQQ 15 minute chart 10152013
Longs: Shorts:
AIG - RBI NTAP - Gap continuation
ALL - RBI
C - Gap continuation
HOG - Breakout continuation
JNPR - Gap continuation
WAG - RBI
X - 123 Watch