After the huge sell off into 12 noon on Friday in the QQQ, prices did recover and currently we find the Q’s in a 15 minute uptrend just shy of the pivot high @ 79.76, the Q’s closed @ 79.41. For Monday, if we open neutral and trade or gap above the 79.50 area this would confirm our up trend continuation and I’d look to take the first 2 or 5 minute buy setup that triggers near the 79.50 area with my first target at the pivot high @ 79.76 and my 2nd target would be the 80.00 dollar area. If we happen to open neutral and go sideways, I’d look to play the first buy or sell setup after the breakout above the 79.50 area or a breakdown below the 79.30 area. If we happen to open and trade below or gap below the 79.30 area, I’d be looking to take the first short that triggers on the 5 or 15 minute chart preferably at or near a reversal time. My lower targets are the 79.00 area and 78.65, then 78.30. My bias is lower since the 60 minute chart looks a bit over extended and this is the area we should see an hourly sell trigger in the QQQ. Keep trading!
QQQ Daily 10062013
QQQ Hourly 10062013
QQQ 15 min 10062013
Longs: Shorts:
AIG – Pivot 1 continuation TOL – Breakdown continuation
AKAM – Bull 180
ALL – Elephant Bar continuation
CREE – 123 continuation
CTSH – Breakout continuation
MSFT – Breakout watch