Trading Plan for 5/1

If the Dow’s new high close is any indication… then S&Ps shouldn’t be far behind. Can NDX make it, too?

Pattern points… (Setups and technicals)[pay]
Wednesday’s last hour ranged widely, and choppily, at and around session highs. It had become unlikely to anything different.

The bias environment had been exited above the noon hour’s high and the final hour was entered above the bias environment highs. That’s buyers gaining traction. The 3:10-3:20 timing window dropped, undermining momentum, but it was too late to reverse the trend down.

That didn’t prevent a hold-long setup from triggering. Barely recovering 1876.50 triggered it. Probing above 1878.00 made it more compelling. Ticking post-close to fresh highs at 1880.25 seem to confirm it.

Meanwhile, the Dow made a new high close by about 10 points, albeit without even touching prior intraday highs. S&Ps should follow them, and it’s still possible for NDX to come along, too. Sellers aren’t totally harmless — gapping down back under Wednesday afternoon’s 1870.50 low would trigger a “session-long decline” setup.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Earnings, econ reports, the FOMC… and now the BOE and ECB will influence Currencies before Thursday’s open. Volatility should persist.[/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.