Trading Plan for 6/5

If Thursday afternoon had ranged any more narrowly… then it might have been confused with a Saturday. Even the Beige Book news didn’t shake out the attraction to a new high. By the same token, a new high didn’t shake out a Beige Book reaction. Pins, and needles.

Pattern points… (Setups and technicals)[pay]
First of all, my continued thanks for the patience with my limited schedule right now. Thursday will have one hole in it, but not the pre-open Market Tour or post-close Market Wrap. Friday afternoon and Monday afternoon will miss their Market Wraps, but we’ll be live and focused during Friday’s Employment Situation report.

My thanks to the market, too. As soon as I became unavailable at the 1:20 bias timing window, a narrow trading range took over. Even the Beige Book data didn’t dislodge it. The morning’s recovery from 1916.00 persisted through the noon hour, attacking the afternoon’s 1927.75 bias-up signal to within 3 ticks.

The bias environment exit was at the noon hour’s upper-end, and the final hour’s entry was at the noon hour’s lower-end. Buyers gained no traction for yet another heroic feat, only another slightly higher new high close. This, despite neutralizing any semblance of an attraction above.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Thursday brings BOE and ECB interest rate policy statements, and a typically gaffe-prone Draghi press conference. Afternoon paralysis ahead of Friday’s Employment Situation report might be skipped if things heat up Thursday morning.[/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.