Trading Plan for 2/12

If the WedEX setup is applicable to 3-day weekends… then Wednesday”s close isn”t bullish. That”s because the intraday probe above prior highs was rejected, which normally would be passively bearish. But the probe”s brevity lacked substance, so rejecting it isn”t very relevant either.

Pattern points… (Setups and technicals)
Whether or not it was the result of the pins and needles we discussed before Wednesday”s open, Tuesday afternoon”s buyers weren”t very well rewarded for having gained traction. The overnight slide to 2057.75 was retraced back into positive territory, but not above Tuesday”s 2066.00 highs, and not with complex trending. 

“Unfinished business above” at 2067.25 was created and left outstanding to attract price back up. Then its attraction was neutralized when tested during Wednesday afternoon”s rally up to 2069.75. 

That afternoon rally did probe above Tuesday”s highs. But it was only a single probe, and not complex, which still wouldn”t qualify as rewarding Tuesday afternoon”s buyers.

Meanwhile, the noon hour”s drop to 2053.25 left outstanding oversold RSIs that require the low”s retest. The afternoon”s 2052.25 bias-down target was left outstanding, too.

What”s Next… (Outlook and opportunities)
There is no unfinished business above, only below. A hold-short setup triggered, which barely avoided being invalidated, by delaying the last-minute recovery above 2063.50 until after getting to within 3 minutes of the cash session close. Trending down overnight is likely so long as 2067.00 holds as resistance — preferably with Globex opening down sharply through the late 2061.00 low.