After breaking out to new highs, the Q's ended the day with a topping tail bar on the 60 minute chart and ending the uptrend on the 5 minute chart. Until the US Government is reopened expect wild movements in the market due to news, rumor, etc. Be quick to take your profits and be nimble on looking for long trends, basically expect everything. For Wednesday if we open neutral and base sideways, I look to play the break out or break down after the pull back at or near 10 am or 10:30 am reversal time. If we happen to gap up above the 80.25 area, I'd look to take the first 5 minute buy in the market. We have clear space up above and price could run up, my first target would be the high of the day from a pull back, then bar by bar on the 5 minute chart. If we happen to gap down above the 78.75 level, I'd look for the first 5 or 15 minute buy at 10 am reversal time with targets back up to the 80.20 area. If we happen to gap below the 78.65 area and immediately sell off, I'd look to short the first 2 or 5 minute sell that triggers in this area with a low target of 77.75 and 76.50.
QQQ Daily 10152013
15 minute QQQ 10152013
60 min QQQ 10152013
Longs: Shorts:
X - WRB continuation NTAP - Gap continuation
RIG - Daily sell watch
T - Daily sell triggered
XOM - Daily sell watch