Trading Plan for 11/7

If not for another Russia-Ukraine headline… then could Thursday”s rally have met its target early enough to already be rejecting it into the close?

Pattern points… (Setups and technicals)
Thursday morning”s 2028.25 bias-up target was never put into play. The open was ambushed by Russia-Ukraine headlines that overtook the pre-open attack on 2027.00. The afternoon bias environment held a test of the bias-up signal. Neither of which prevented extending through the close to 2028.25.

Buyers gained traction for the effort. The bias environment was exited above the noon hour”s high and the final hour was piercing the bias environment”s high. Fresh highs are likely intraday Friday, so long as a gap down is avoided.

Having trended up into the close, gapping down enough could form a session-long decline. Thursday afternoon”s low was the bias environment”s 2021.50 low. So, maintaining a gap down under it would be vulnerable to trending down through the morning. Friday”s Employment Situation report could spark that degree of selling pressure.

Gapping down wouldn”t necessarily for a durable high — the gap back to Thursday”s close would want to be filled. Meanwhile, not gapping down, or not gapping down enough could extend higher to 2039.50.

What”s Next… (Outlook and opportunities)
Friday”s pre-open Employment Situation report is highly reliable for generating a reaction. But not necessarily trending. That”s a function of the Friday Factor, with two days of illiquidity fast-approaching. Regardless, the morning”s bias signal tends to persist through the noon hour.