Trading Plan for 12/23

If Monday”s upside target were met earlier… then there would have been time to reverse down far enough for Tuesday”s sellers to immediate take control. But waiting until the last minute before neutralizing the upside attraction makes some higher high Tuesday likely first.

Pattern points… (Setups and technicals)
That tends to be a reliable attraction. As much as was WedEX”s influence on Monday morning. While sellers were marginalized, the upward bias only absorbed dips. There was no trending, let alone fresh highs. 

Not Monday morning. However, Monday afternoon”s bias environment did print a fresh session high, but it was only noise while ranging around its 2073.00 bias-up signal. 

The rally gained no traction for its effort Monday, since exiting the bias environment above the noon hour”s high wasn”t matched by the final hour”s entry. Probing new session highs anyway only wasted buying pressure and reflected impatient weak-handed buyers. 

More so, it neutralized the morning”s 2075.75 bias-up target which had become “unfinished business above.” Its attraction is neutralized.

Only Monday”s last-minute high touched the overnight high, but both highs stopped short of touching Friday afternoon”s high. I don”t consider that to be pessimism when comparing against an expiration extreme. But it still suggests that sellers are being eerily patient.

What”s Next… (Outlook and opportunities)
Wednesday”s session is abbreviated by three hours, so Tuesday is unlikely to initiate any new trending. At least, extending into new high territory will be more difficult than retracing recently acquired ground. In either case, trending into falling volume is likely to be retraced entirely.