Trading Plan for 6/16

If the market is concerned with possible weekend developments… then that only served to repress a recovery Friday. The session otherwise only ranged sideways around Thursday’s highs. But it also avoided probing under Thursday’s lows, so its optimism seems somewhat ineffectual.

Pattern points… (Setups and technicals)[pay]
When Thursday’s slide extended down that afternoon instead of recovering, it suggested that the decline would extend through Monday morning. That didn’t preclude there being an interim bounce on Friday. Was there?

Friday’s open plunged toward Thursday’s low, but stopped short of touching it. Optimistically short. A more substantial surge began prior to testing support, rising substantially at a steep slope, probing the bias-up signal during a no-bias environment. That was pretty optimistic, too. Ineffectually optimistic.

And sell-off into the close was anticipated, but its fresh afternoon lows were still shallow. Unfinished business was left outstanding just below the afternoon low, within the session’s range, with fresh lows being the likely compensation for its delay.

[/pay]What’s Next… (Outlook and opportunities)[pay]
This weeken’s Saturday Strategy Session begins at the usual 9:30am ET. Its link is in the blog’s sidebar, or click here.[/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.