Trading Plan for 4/9

[pay]About that close (How the prior session ended)
New session highs met the afternoon’s 1184.50 bias-up target just before Thursday’s last hour began. But it held as resistance, and the balance of the session ranged narrowly back down to prior highs around 1183.00. Since the two timing windows ranged around the same level, all price action since first meeting 1183.00 can be considered as noise.

Pattern points (And technical influences)
If is no unmet target outstanding above, and not resistance is recovered through the close, then buyers gained no traction. This wouldn’t be too significant if Thursday’s intraday action had not trended up throughout.

At least all of Thursday afternoon’s price action was just noise. It’s two timing windows that buyers didn’t exploit, but they didn’t expend any energy needlessly.

So, Friday is equally free to resume either Thursday’s rally, or Wednesday’s decline. A significant attempt at one or the other is likely, if one or the other is obvious at the open. Otherwise, price action through the noon hour would more likely duplicate Thursday afternoon’s narrow ranging.

Bottom line (My underlying premise)
With the exception of Bernanke’s overnight speech, only one minor econ report remains this week. No news had better be good news if Thursday’s rally intends to extend higher. This being a Friday, the morning’s bias is likely to extend through the noon hour. Trending through the noon hour would remain vulnerable to being retraced into the close. [/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.