The Q’s are stuck in a sideways trading range for the time being between 76.00-75.30 areas. I will continue to short the top and buy the bottoms until we have a break out of this area. I favor the shorts because of the gap down in the market and the longer the QQQ continues a sideways consolidation, the more likely we are headed lower.
For Monday if the market opens neutral I would look for a W pattern in the QQQ somewhere near the 75.40-74.30 area and I would be looking for a long play near 10 am reversal time with our long target back up to the 76.00 area. If we gap down to or below the 75.30 area, I would look to play the first sell setup that occurs at or near the 75.40 area to our next target area of 75.00. If we happen to gap up above the 75.70 area I would look to take the first buy that occurs in the market @ the 75.70-75.60 area preferably @ 10:00 am or 10:30 am reversal time.
Longs : None
Shorts: ADBE – Gap down continuation
CSCO – Gap down continuation
TGT – Gap down continuation
Click on chart to enlarge
15 min chart QQQ 08182013