The QQQ Triggered a weekly buy last week with a long target of 75.00. I’m not sure if we get there this week but I’m sure we will come close. There is always the chance that we come up short and begin to form a M top pattern on the weekly, we will see what happens in the coming weeks.
Weekly chart of the QQQ Click on chart to enlarge
For Monday, on a neutral open or a gap up in the QQQ, I’d look to play the first 5 minute pull back long above the 72.45 area with a target to the 73.80 area. If we happen to gap down to the 72.30 area I’d be looking to play the next higher low around a reversal time 10 am or 10:30 am with the market. If we happen to gap below the 72.24 area, this would end the 5 minute uptrend and I would look to short the first 5 minute sell in the QQQ preferably at or near a reversal time with a lower target of 72.00 area. My bias is long due to the weekly buy that triggered last week so any pull back into the major support area of 72.30 would be buy-able.
5 min QQQ07062013 Click on chart to enlarge
TraderHank’s stock picks for Monday
Longs:
ALL – Pivot 1 continuation
WFC – Daily buy continuation
X – Daily buy watch
Shorts:
STI – Daily Climatic watch