Trading Plan for 11/23

If patience is a virtue… then why are the rewards all going to the overnight crowd? We waited around all day Wednesday for a breakout to fresh highs targeting 1393.00-1394.50. Essentially, all the market provided for our time was repeated attacks on the 1389.25 pre-open high. Wednesday night’s Globex open was more accommodating.

Pattern points… (Setups and technicals)[pay]
The target was met several minutes after the Globex open, which spiked up almost immediately to within 1 tick of 1393.00. That was tested and probed throughout the night and Thursday morning., up to 1393.75. No reaction ever dipped back down into Wednesday’s range.

Tonight’s open might reject it all, but there is room down to 1386.50 before more than a pullback might be underway. And then there’s room down to 1384.25 before signaling an actual downleg has begun.

Meanwhile, so long as 1388.00 holds as support, more probing into the 1393.00-1394.50 range remains likely. Opening above the range’s upper-end could marginalize sellers through the early close.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Although Friday’s session closes early, the Morning Market Tour will be held normally at 8:55am ET. Meanwhile, try not to eat too much… too quickly. Pace yourself![/pay]

Look for at least one update overnight or ahead of the Morning Market Tour… My thoughts on the day’s econ calendar are linked here.