Trading Plan for 4/28

If Friday’s lows had printed Wednesday… then the recent bearish trend change signal would have been reinstated. So, the sponsorship behind pushing price lower missed an opportunity. They could have leveraged their selling pressure into a big downside requirement. They didn’t… or they couldn’t.

Pattern points… (Setups and technicals)[pay]
Wednesday’s reaction down from Tuesday’s rally was shallow. Had it extended down a little deeper, not even as deep as Friday’s drop, then it could have reinstated the bearish trend change signal.

Sellers would have regained control Wednesday by dropping an additional 6-7 points to close under 1860.00-1861.00. Friday’s lows were deeper at 1855.00 and 1853.00. Friday settled between 1860.00-1861.00.

Too little, too late.

Not that this current effort can’t gain traction and produce its own trend change. Usually the delay means otherwise. But this is the situation we’re monitoring now, potentially weak-handed selling that is taking the market to the brink anyway.

[/pay]What’s Next… (Outlook and opportunities)[pay]
It has been three weeks since our last Saturday Strategy Session, so I imagine there are a lot of questions pent-up. Meet me at this link at 9:30am ET to talk.[/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.