“Query results” are raw data from DB. After fetching data you often do some additional work (modifications, templates) with data and then render it to HTML in some way — so you get a “Rendered output”. For more flexibility you have two levels for caching here.
As I think (I can be wrong!) here is no sense to set “Query results cache” time less than “Rendered output cache”.
Your use case, as I can see, to flush View cache immediately after new content added. You can solve it with additional staff Cache Actions, which requires Rules.
For example, you can create a rule with event "After saving new content"
or "After updating existing content"
, condition "Content is published"
and one of the Cache actions.
Cache will be flushed regardless of cache settings in your view.