Trading Plan for 4/25

Better late than never?… Earlier would have been better. A late-afternoon buy signal was triggered but it wasn’t very productive through the cash session close. Post-close action did surge to attack the morning’s highs, and the reaction to AAPL’s earnings spiked up much higher.

Pattern points… (Setups and technicals)[pay]
The reaction down from fulfilling the morning’s 1371.00 bias-up target triggered a sell signal at 1368.75. Among its objectives, 1363.25-1363.50 was met on oversold RSIs while the bias environment started lapsing. A perfect storm, at least for a corrective bounce.

Its reaction triggered a buy signal at 1366.00. Perhaps hampered by anxiousness ahead of AAPL’s post-close earnings, the Tuesday’s closing action finally surged to attack 1371.00. Its reaction to AAPL’s earnings spiked up to 1376.00.

Unless sellers had regained control at Tuesday’s close, the next higher objective was to fill the gap back to Friday’s 1374.25/1375.25 close(s) — probably up to 1377.00. That has now been tested to within 1 tick. If AAPL has a delayed negative reaction (a’ la GOOG), then there would be no unfinished business above.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Now, a pullback has room down to 1371.50-1373.00 before sellers would regain control. Higher potential resistance is 1379.25, 1381.25 and 1384.50.  [/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.