Trading Plan for 12/7

If the Employment Situation report can’t dislodge this week’s trading range… then Friday’s session could range very narrowly, indeed. Otherwise, the premise remains that buyers are due to be rewarded for their efforts, or else the weekend will be greeted by another downleg.

Pattern points… (Setups and technicals)[pay]
[insert obligatory “date that will live in infamy” joke here]

Anxiousness ahead of the monthly Employment Situation report often paralyzes the prior timing window’s price action. Occasionally it enhances it. Thursday morning’s choppiness suggested it would be the latter, but Thursday afternoon only ranged — widely, but ranged.

The bias environment’s exit was testing the noon hour’s 1411.75 high. Despite probing higher by 1 point, the final hour was entered back under all intraday prior highs. The balance of the session was a dip down to 1409.25 that recovered back to the morning’s 1413.25 high.

At the risk of both sounding like a broken record, or resembling a corrupted flash drive, Friday’s rally signal should be familiar. Gapping up above Wednesday’s 1414.50 prior highs. Thursday’s 1413.25 highs already chipped away at them by proxy. So, not gapping up higher Friday would be bearish.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Saturday’s Strategy Session begins at 9:30am ET. We’ll discuss the bigger picture and little setups, as well as any stock requests you may have. Special note: Please bring your own cup for drinks as we ran out last weekend. Oh, and bring your own drinks.[/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.