Trading Plan for 11/17

If Friday”s participation were normal… then its intraday pattern still would be irrelevant. But It was important that resistance levels held when they did — not to suggest the next move, but to confirm the current pattern remains intact.

Pattern points… (Setups and technicals)
Friday”s choppy morning held tests of either side of the ongoing narrow range. Breaking either way as the bias environment lapsed would have trended in that direction. But the bias environment only contained a test of the morning”s 2032.25 low. So, the balance of the session trended back up to the attack the morning”s 2039.75 high.

2035.00 was still being overlapped and influential into the close. That was last Monday”s high, whose afternoon warned of a trend change. Session highs tested and held 2039.50, which is essentially the range”s upper-end.

Without a new high close, the rally missed an opportunity to preserve itself in case of an immediate downturn. And it wasn”t so far away as to be difficult if intended, but it”s really just more of the same behavior suggesting the rally”s sponsorship has left the building.

None of which is a sell signal. Not exploiting multiple opportunities to decline doesn”t speak well of sellers. At least a temporary probe of fresh highs intraday is becoming likelier.

What”s Next… (Outlook and opportunities)
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