Trading Plan for 11/10

then what energy will be left to extend higher when the threat has passed?

Pattern points… (Setups and technicals)
More news Friday about Russia rolling into Ukraine. But it wasn”t disseminated via headline through the open, like other Rusiian-Ukraine news on Thursday. Also like Thursday, perhaps the overnight highs would have been retested and extended if not for the news.

After recovering the post-open dip, the noon hour and bias environment ranged narrowly sideways. Even without another headline, simply the fear of yet more Russia-Ukraine headlines on Monday inhibited extending the recovery. And when the bias environment began lapsing defensive posturing pressured price back down to the morning”s 2022.00 support.

A last-minute bounce recovered the late dip, but sellers gained traction for the effort. The afternoon bias environment was exited under the noon hour”s 2027.00 low, and the final hour was entered under the bias environment”s 2026.25 low.

Since sellers gained traction Friday, rallying immediately Monday would require gapping up. Maybe the Russia-Ukraine situation will resolve over the weekend. Any shallower opening strength is likely to fail.

What”s Next… (Outlook and opportunities)
Friday”s pre-open 2033.00 highs formed a “new Globex trend extreme” that requires being retested intraday. Room for noise extends up to 2039.50. But since Friday”s close was not a new trend high, probing higher highs Monday morning wouldn”t preclude there being an afternoon reversal down that launches a more substantial decline.