Trading Plan for 11/12

If not for the Veteran”s Day slowdown… then would the open”s slide have extended more deeply? Would its recovery have retested the overnight highs? Yes, and yes. And no. Low volume environment”s inhibit sponsorship, and make trending more difficult to stop. So, either scenario could have developed, or both. And still may, on Wednesday.

Pattern points… (Setups and technicals)
A surge 2 minutes before Tuesday”s close reached 2036.50. It had originated from at or under 2035.00, which is at or under Monday”s high. Still being in the process of testing Monday”s high, no higher target is put into play. 

Also, the range for noise up to 2039.50 remains intact. That”s above Monday night”s “new Globex trend extreme.” Its retest remains in-play. Closing Tuesday within its orbit makes the retest easier, and likelier. 

The trend change warning from Monday afternoon remains outstanding. The vulnerability to reversing down sharply remains alive. And one leg probing under one or two prior session lows remains likely.

What”s Next… (Outlook and opportunities)
The Wednesday Wreversal setup hasn”t appeared in awhile. It begins by trending normally through much of the morning, only to reverse more substantially through the balance of the day. Intraday trending has been absent during much of this rally leg, so we”ll be suspicious if it appears now.