Trading Plan for 11/5

If Friday”s bias environment were exited just a little higher… then a substantial short-squeeze would have been triggered. More so, a bullish Pivot Reversal setup could have formed. And new highs could have been probed by Wednesday, or earlier.

Pattern points… (Setups and technicals)
Not that the alternative is bearish. Friday afternoon”s low has the same characteristics, no matter its resolution. 

It fulfilled the decline”s 2040.00 objective, and the afternoon”s bias-down target 1 point lower. Its probe originated from above prior lows after the bias environment had begun, and the prior lows were recovered before the bias environment had ended.

But the only short-squeeze was a 7-point position-squaring window exercise triggered above 2048.75 that touched 2055.75 at the position-squaring window”s end 15 minutes later. Its 10-point reaction down into the futures close ended that charade.

Oversold RSIs at Friday”s 2038.75 low require an eventual retest. That could be done Sunday night down to 2036.00 and reversed into Monday”s open. Another short-squeeze setup would be underway. Otherwise, opening under Friday”s low at all would be likely to open under it a lot, like under 2030.00 or deeper.

What”s Next… (Outlook and opportunities)
Don”t forget that there is no Saturday Review this weekend due to the holiday. We took a little extra time in the post-close Market Wrap to review the bigger picture. Please don”t hesitate to ask any questions in its Activity Feed post.