Trading Plan for 11/28

If you”re not making a weekend of it… then I”ll see you at Friday morning”s Market Tour. Meanwhile, I hope you have a wonderful day full of family and food!

Pattern points… (Setups and technicals)
Wednesday”s narrowly ranging session was already in-line with usual characteristics of the session prior to a mid-week holiday. These are commonly seen year-in, and year-out. “Trending” within the range isn”t unusual, not if there is some unfinished business or other attraction in-play.

Wednesday had its offsetting test of the morning”s 2070.00 bias-up signal to attract it higher. Counter-trend sponsorship doesn”t form when volume is shrinking. The session spread out a 7-point rally from 2065.25 up to 2072.25. A post-close 15-minute 3-point round trip was just another form of vulnerability to low volume.

Friday”s light volume also makes sponsorship difficult to attract, and counter-trend sponsorship almost impossible. If an attraction is created Friday, then it will likely try to fill the session with that singular goal. But rather than spread out the move or extend it, the abbreviated time would require a steeper trajectory.

What”s Next… (Outlook and opportunities)
The only question remaining is whether the open can quickly break out of the range to actually trend intraday. That was the question Wednesday, which held a test of support. Its close is in proximity to actually breaking above prior highs. And that could extend higher into the weekend