The Q's broke the 15 minute down trend over lunch on Friday and has put in the first higher low on the 15 minute chart. For Monday, if we gap up or open and trade up, I'd look to take the first 5 minute buy that triggers near 10 am reversal time. Long targets will be 83.20-83.30 with longer pivot targets of 83.74 and 84.35. The hourly chart shows an RBI (red bar ignored) while forming the 2:00 pm bar and the last bar of the day took out the low before snapping back and heading upward. The last 60 minute bar is what Greg Capra, CEO of Pristine, refers to as a "money bar," meaning we should be heading higher. But, if we gap down but stay above the 81.35 area, I'd look to take the first higher low on the 5 minute time frame long with the same targets as above. If we happen to gap below 83.35 and trade lower, you could look to take the first 5 minute sell that triggers with lower pivot targets @ 80.83, 80.22 and 79.07.
Hourly chart QQQ 11102013
QQQ 11102011 homework
Longs: Shorts: None
APOL - Bull 180
BK - WRB continuation
FWLT - Break out continuation
GILD - PBS watch
JPM - WRB continuation
KLAC - Break out watch
RIG - Gap up continuation
SNDK - PBS watch
STI - WRB continuation
Swing recommendations:
Longs: Shorts: None
ALL - Pivot I continuation
APOL - Pivot I continuation
FWLT - Break out continuation
NTAP - PBS watch in the PBZ
RIG - RBI
WFC - Pivot I
X - Gap continuation