Trading Plan for 10/31

If the rally doesn”t need QE to encourage it… then broken quote systems are only a bump in the road, right?

Pattern points… (Setups and technicals)
And now, to the question everyone”s asking, here”s the answer: Yes, and no. Thursday”s close was above the recent rally”s 1984.25 target, but not in time to be relevant. 

1984.25 was tested during the noon hour. A surge from there proved its continued influence. The entire bias environment developed above it. And the last hour ranged around it — until the final 15 minutes.

If nothing else, 1984.25”s retest didn”t necessarily hold. But it was overlapped by every leg after returning to it. Lifting off to close above it still left a leg overlapping it. It is still being tested.

Either 1984.25”s test marked the beginning of a topping pattern that will launch a downleg retracing all of the two-week old rally, or else new highs above 2020.00 will be in-play.

What”s Next… (Outlook and opportunities)
This being a Friday, the morning”s bias signal is likely to persist through the noon hour. Neither buyers nor sellers gained traction Thursday afternoon, so there is no requirement to trend at all, in either direction. Still, each did try — the bias environment was exited above the noon hour”s high, and the final hour was entered under the bias environment”s low — so narrow dull ranging would be surprising.