Trading Plan for 2/11

[pay]At the close (How the prior session ended)
The afternoon’s 1071.50 bias-up target fulfilled buying pressure, also neutralizing the objective of probing fresh session highs. The reaction trended down into the close, testing 1063.25 as support. That was the morning’s bias-down signal, which had triggered. Its recovery into the noon hour had confirmed the buy signal whose objective was fresh session highs.

That low was low enough, relative to the afternoon’s prior lows, to form the basis of sellers gaining traction. A close under 1063.25 would have made Thursday’s open likely to decline. Instead, any modest initial strength is likely to be absorbed, but a rally could still gain traction on a strong enough open.

Pattern points (And technical influences)
Tuesday’s equilibrium close predicted a choppy widely-ranging session that would try trending Wednesday, without gaining traction in either direction. Wednesday’s close was nearly unchanged, despite probing relevant prior highs and lows.

There is no new pattern entering Thursday’s session, only the momentum of Wednesday afternoon’s decline. And its opening resolution is likely to be Thursday’s ultimate resolution. So, the first half-hour’s trending – if any – should define the session’s underlying theme.

Bottom line (My underlying premise)
Jobless Claims will be influential, along with any developments regarding Greece’s debt. If the impact of either is only fleeting, then time will have grown too short ahead of the three-day holiday weekend for any trending this week. [/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.