Trading Plan for 11/25

My best wishes to you and your family for a Happy and Safe Thanksgiving!

Pattern points… (Setups and technicals)[pay]
Despite retesting 1161.00 and neutralizing its oversold RSIs, no buy signal could be considered Wednesday without recovering above 1166.00. But its recovery up to 1168.00 and 1170.00 came too late to be relevant, after the session’s last hour had begun.

A buy signal could have been considered after fresh lows testing 1158.50-1159.25. But a plunge back under 1166.00 down to 1158.50 didn’t even begin until getting to within 5 minutes of the cash session close.

1160.00 wasn’t really probed until after the cash session close, and it was recovered through the futures close, so 1160.00 is essentially the “new Globex trend extreme” that requires an intraday test.

Recovering 1166.00 could extend up to Mon-Tue “higher prior lows” at 1182.00-1183.00. But a second consecutive lower close under 1161.00 would confirm the decline’s momentum remains intact and next targeting 1142.00.

[/pay]What’s Next… (Outlook and opportunities)[pay]
S&Ps trade normally on Globex overnight, closing at 10:00am ET on Thanksgiving Day. They re-open at 6:00pm. Meanwhile, Europe is open. Wide-open. I will update the blog only as needed, and will hold the next Market Tour on Friday morning.[/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.