Trading Plan for 3/19: React

S&Ps eventually probed a little higher overnight, but only up to ESm 1337’25 and only briefly before turning down to 1321’25. MACD & RSI improved into the lows, even diverging positively among some time frames. But the pattern suggests that the technicals will help to recover from a lower low, and not prevent it.

The bias-down signal was broken and its target is 1317’00, which might be 1 point too low considering measurements that developed overnight. I expect technicals to confirm bottoming and I’ll monitor for it, so long as bounces don’t exceed 1326’50 which would target 1333’50.

Only one piece of econ data is due today, Crude Inventories at 10:30. The overnight high is above yesterday’s range so it should be retested during regular trading hours. I won’t start expecting a sustainable drop unless 1315’50 were to break as support.