Trading Plan for 6/11

The President’s press conference was… poorly timed. At least, for our purposes of the bias parameter. It interfered with triggering a buy signal. More so, the press conference’s timing interfered with the intraday recovery being sponsored by strong hands. Sellers may not be absorbed if they appear Monday morning.

Pattern points… (Setups and technicals)[pay]
The week will be greeted with good news/bad news: The Spanish situation is being resolved. That’s it. A problem that creeped into the headlines while all eyes were focused on Greece, a problem that has been denied as late as Thursday, was suddenly resolved while the markets were closed.

The weekend’s bailout (Europe’s latest, and Spain’s first) has had an effect.. Friday’s cash session closed at 1318.50, and futures had extended to 1323.00. Sunday night’s open gapped up to 1337.00 and tested 1342.00.

Without Spain’s problem ever really affecting charts negatively, the problem’s resolution isn’t off-setting much. It deserves a round of applause, but not a standing ovation. That’s probably why the gap up 7 hours ago has not extended. Higher highs could still be probed, so long as Monday’s open isn’t back within Friday’s range.

[/pay]What’s Next… (Outlook and opportunities)[pay]
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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.