Here’s my thoughts on a trade in QLD as it traded during the day. My buy in QLD came as the Nasdaq broke it’s trendline resistance on the 5-minute chart.

I figured the first target on the Nasdaq would be the trendline resistance on the 60-minute chart around 2337. If that broke, 2350 seemed like a good target for the day.

I had a good feeling the 2350 target would be reached. Last week was a decent shakeout of the bulls. I won’t be surprised to see a quick 100 Nasdaq point move up from here. The market pulled back near the close, and just about retested that trendline on the 60-minute chart.

I spent today doing a couple of intraday trades with the ProShares ETFs QID, QLD, SDS, and SSO. I’ve seen some frustration from traders recently when browsing online. This market is rangebound, and probably more suitable for a daytrader that doesn’t depend on daily or longer trends. I’ve had a great month trading this range, but ready for the triangle below on the Nasdaq, to finally break one way or another.