After a huge sell off in the QQQ this morning, the Q's retraced to about the 40% Fib level before triggering an hourly sell with a 2 bar pull back. The 15 minute sell triggered just before but price could not take out the lower pivot in the 78.30 area. Looking at the hourly and 15 minute charts, it looks like price may want to continue lower from here, the daily has room to the 78.00 level. For tomorrow if the Q's open neutral and trade down or gaps down below the 78.35 level, I'd look to take the first 5 minute sell setup that occurs near 10 am or 10:30 am reversal time near this same area of 78.35 with a low price target of 78.00 and a second lower target of 77.65 area. If price rallies at the open or gaps above the 79.00 level, I'd look to take the first buy setup that triggers on the 5 minute chart preferably at a reversal time and my long target would be back up to the high of 79.70 and a longer target @ 80.00. If price opens neutral and goes sideways, I'd look to take take the breakout near a reversal time in either direction.
QQQ Daily 10032013
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QQQ Hourly 10032013 homework
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QQQ 15 minute Homework 10032013
Longs: Shorts:
ALL - Pivot I LLY - Gap continuation
MOS - 123 watch
POT - 123 watch