“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.