Pivot High

The Q's ended the day rolling over hard confirming a sideways trend on the 60 minute chart.  For tomorrow, I'd be looking to take the first 5 or 15 minute sell that triggers in the market hopefully by 10 am or 10:30 am reversal time that occurs in the 67.25 area with long targets back down into Major Support at the 66.00 area, and a 2nd lower target at the 200 ma on the daily chart near the 65.75 area.  A gap above the 67.75 area would be extremely bullish and I would take the next 5 minute buy setup that occurs above this area with a long target of 68.25.  My bias is short and any gap up below the 67.75 area, I would look to short the first 5 minute sell that triggers.   

QQQ update 02282013

Longs:

ADBE - 123

ALL - Daily buy triggered

ESRX - Daily buy triggered

Shorts:

BK - Daily sell watch with COG

C - Daily sell watch with COG

INTC - Daily sell watch

KLAC - Daily sell watch

MS - Daily sell watch with COG

NTAP - Pivot I measured move

PCAR - Daily sell watch

SLB - Daily sell watch

VZ - Climatic watch 

The Q's sold off hard during the last half hour of the day triggering the hourly sell in the market.  I'm almost expecting a gap down tomorrow, If so or a neutral opening, I would look to play the first 5 minute sell in the market at or near 10 am reversal time with a long target to $66.00.  If we happen to gap up or trade through the 67.85 area, I'd look to play the first 5 minute buy that triggers at 10 am or 10 30 am reversal time with a long target of 68.25.  Since we did not take out the 67.85 area today before rolling over, my bias is bearish and we could actually trade back down to $66.00...

QQQ02272013II

Shorts:

None

Longs:

ADBE - Wide range bar

ALL - Daily buy triggered

CREE - Daily buy triggered

ESRX - Daily buy watch with COG

HPQ - 123 pattern

VLO - Buy continuation

The QQQ finished the day near the high of today but also in an area of an hourly sell in the market.  For Wednesday, if we gap or trade below 66.40, I'd look to take the first 5 minute sell in the market at or near 10 am reversal time with a lower target through the 66.00 area to the 65.70 area and the 200 ma.  If we happen to gap or trade above today's high of 66.78 this would be bullish and you could take a 5 minute buy setup that occurs near 10 am or 10:30 am reversal time with a target into the 67.00 area where I believe the market will roll over and trigger the hourly sell possibly over lunch time.  The 5 minute chart is currently sideways, I remain bearish and I'll be looking for that hourly sell tomorrow for sure!

IIqqq02262913

Longs:

ALL - Daily buy watch

AMGN - Gap continuation

CREE - Daily buy watch

HPQ - Gap continuation

INFY - Gap continuation

VLO - Buy continuation

WAG - Pivot I

Shorts:

CHRW - Break down continuation

COST - Daily sell triggered 

 The Q's sold off hard today reaching a Major Support area at the low of the day @ 66.21 before bouncing during the last 5 minutes of the trading session.  For tomorrow, if we open neutral we can play the first 5 minute sell in the market that occurs near 10 am @ the 66.85 area of minor support with a target back down into the 66.20 area of major support.  If we happen to gap above the 67.05 area we could look to take the first 5 minute buy that occurs preferably at 10 am or 10:30 am reversal time with a long target of 67.35 area.  Currently we are in a 5 minute downtrend in the QQQ and all pull backs to the declining 20 ma should be shorted until the downtrend is broken, an obvious lower target is 65.69, the current location of the flat 200 ma.

5 min QQQ02252013 1

Longs:  

AMGN - Gap continuation

ESRX - Buy watch

HPQ - 123

Shorts:

APOL - 123 continuation

BK - Buy failure

C - Buy failure

JDSU - Buy failure

JPM - Buy failure

Low - Buy failure

SLB - Buy failure