Trading Plan for 11/11

If repeatedly probing new highs every day can”t trend otherwise… then is there really any new sponsorship being attracted? Thursday”s session trended up, after recovering its opening dip. But the day before only gapped up, the day after ranged sideways, and now Monday has a 10-minute surge to its name.

Pattern points… (Setups and technicals)
“Suspended in disbelief” might describe the current market. The suspension refers to its recent pattern of a morning surge that ranges flat or flat-to-lower through the close. Only last Thursday was different, and then only after absorbing an opening drop.

The disbelief refers to sellers. Surely, there is selling pressure, and it is equally responsible with buyers for the narrow ranging. Equally responsible, and equally measured. But apparently, the lack of intraday follow-through isn”t enough to convince them to overwhelm buyers, and to reverse the trend back down.

That might end very soon. Monday”s last three timing windows traded exclusively above all prior intraday highs, without extending higher. That”s more of a timing tool than pricing — whether the recent rally from last Tuesday morning”s low ended at Monday”s high, or will extend a little higher momentarily. But if not soon reversing the trend down at least to retrace 61.8% of the rally (to 2010.00), then the next trend will be up, more steeply.

What”s Next… (Outlook and opportunities)
Room for noise around Monday”s 2034.25 close is 2025.50-2039.50. Extending higher first would make its reaction down likelier to break under the noise range”s lower-end. Testing the lower-end, first, could recover but need not.