Stay Focused And Flexible
The Qs are off their intraday
highs, as we approach midday, in the
context of uptrends on our key 13-minute and hourly intervals. The best trading
opportunity of the day may very well have been the bounce off the lower
13-minute Bollinger Band in the context of an hourly uptrend shortly after open
with the hourly support angle providing a pretty darn good clue. Those who have
attended the QQQ School
knew to look for a trend continuation trigger, and you had your pick of the
one-, three-, or 13-minute intervals. Liquidity seems a bit on the light side in
the futures market today, which of course has a direct correlation on the Q pace,
causing some occasional air pockets on both the up- and downsides.
Longer term, the Qs are testing a potential right shoulder off the early high at
about $32.75. I’d prefer to see a break of the 13-minute trend support which
would create better support for the shoulder scenario. Alternatively, a hold of
the current level and we’d have potential for an intraday bullish cup with the
13-minute 15-MA playing the potential role of handle base. Bottom line? Stay
focused and flexible.
12:40 P.M. ET
A special note of
thanks to all who e-mailed me in response to yesterday’s
column, which generated more mail than any over the past year. Notes like
that make the effort at this end feel worthwhile.
Good Trading!