Trading Plan for 11/21

If Friday makes a new high close… then the trend could reverse down immediately, substantially, and for awhile, and yet still be likely to recover.

Pattern points… (Setups and technicals)
There was no bullish reason for retesting Wednesday”s 2038.00 low. Not without isolating the test to some irrelevant timing window. Thursday”s opening test of 2038.00 could have been dismissed had the open already retraced it back above Wednesday afternoon”s 2041.50 low. 

The open”s gap down immediately reversed up to attack 2041.50. That”s still past the open, and that”s still not bullish. It does not form a solid base to launch fresh highs. But neither does it preclude fresh highs.

Buyers didn”t gain traction for their efforts Thursday, so probing fresh highs Friday would be vulnerable to reversing down. And at this early momentum, post-close action is behaving to optimistically to be maintained.

What”s Next… (Outlook and opportunities)
Being a Friday, the morning”s bias tends to persist through the noon hour. Being expiration, the morning”s trend remains vulnerable to reversing throughout the afternoon.