Trading Plan for 11/13

If Monday night”s highs are retested now… then not immediately reversing down could probe substantially higher. Fast. The eventual consequence would be bearish — emphasis on the word “eventual.”

Pattern points… (Setups and technicals)
After Tuesday”s close, I noted here that already there were elements conducive to a Wreversal Wednesday. In fact, Wednesday produced all of the setup”s other elements, with one exception: the Wreversal.

A morning spent backing-and-filling was exited at fresh post-open highs. That recovery extended several minutes past noon, filling the gap back to Tuesday”s 2036.50 close. Then ended. For the day.

Sellers never regained traction. Deeper and deeper reactions repeatedly recovered back to 2036.50 resistance, which held. The reactions down were pessimism, and recoveries made them ineffectual. But there has yet to be a consequence (higher highs) for the “ineffectual pessimism.”

Buyers didn”t gain traction, so higher highs aren”t assured. Entering every relevant timing window Wednesday under 2035.00 undermines upward momentum, too. But so long as 2033.50-2034.25 holds as support, at least a retest of Monday night”s 2039.00 “new Globex trend extreme” remains likely.

What”s Next… (Outlook and opportunities)
Still not trending up at Thursday”s open? Dipping more than just a little? Then upside attractions will have been overcome by the vulnerability to at least correcting the rally back down to 2011.00. Starting that dip after retesting Monday night”s high would be unlikely to hold 2011.00, or to be only a temporary correction.