Trading Plan for 5/21

If trend high closes don’t occur on Fridays… then Monday’s new high close neutralizes the requirement for any higher close. That’s not a sell signal, just a warning.

Pattern points… (Setups and technicals)[pay]
Not much more useful of a warning than it was before Monday’s open. There i s no particular timing to a new trend high close following Fridays. Now the point is moot.

Two other attractions above remains outstanding. Overbought RSIs at Monday’s 1670.75 noon hour high are likely to be retested. So is oversold RSIs at the afternoon’s 1661.00 low. But, again, there is no requirement to their tests.

Attractions above are likelier to be tested next, since Monday’s close held above prior lows. Attractions above are a little likelier to hold as to be exceeded. Otherwise, immediately trending down Tuesday would be as credible for extending the pullback. Breaking prior lows through a relevant timing window could reverse the trend down.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Housekeeping item: I will update Tuesday only during the morning, except for the afternoon bias signal. [/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.