Trading Plan for 11/14

If the rally persists despite no attractions above… then there are certainly no attractions below. Momentum trumps targets, but both are lacking as the weekend approaches.

Pattern points… (Setups and technicals)
Wednesday night”s surge to new highs at 2043.75 fulfilled the Wreversal Wednesday setup. It delivered the consequences to to Wednesday afternoon”s “ineffectual pessimism” at 2036.50. And it tested the 2039.50 objective.

It did create an attraction above to be retested intraday, which Thursday”s intraday action retested — to within 3 ticks, which qualifies.

There is on requirement to trend any higher. Unless the market further delays trending back down. Thursday”s reaction down probed under Wednesday”s low, touching Wednesday”s 2026.75 pre-open low. Either that trapped shorts, or it cleared the way for reversing down.

If Thursday”s intraday drop had expended all available selling pressure, then the close should have been recovered decisively. But Monday”s trend change warning is still being overlapped and not rejected. Monday”s 2035.00 high is still defining resistance for most relevant timing windows, including Thursday”s close.

What”s Next… (Outlook and opportunities)
This being a Friday, the morning”s bias is likely to persist through the noon hour. Triggering either bias could extend considerably intraday. The multi-session ranging that is centered around 2035.00 can”t last forever. But it can last indefinitely. And that has been the pattern