Trading Plan for 7/15

If Friday’s late surge were any higher… then its reaction down might have held above Thursday’s high. Originating a little earlier could have attracted more sponsorship. Instead, reacting back down into the session’s range prevented a trend-preserving new high close.

Pattern points… (Setups and technicals)[pay]
Friday’s session was uneventful. Except for one event, which proved uneventful.

Several of the opening hour’s 15-minute checkpoints overlapped unchanged at 1670.50, which meant sponsorship for trending was absent. Both the morning and afternoon bias environments triggered no-bias, so no objective above or below was attracting price to it.

A late surge during the position-squaring window did probe fresh highs from 1670.50 to test 1674.00. That was eventful, momentarily, until it was retraced entirely into the close. Friday’s new high close was under Thursday’s high, so the uptrend is not ensured to extend any higher for any longer.

The continued absence of sponsorship for trending intraday is becoming eery. Especially during a week that wasn’t much busier than the holiday-shortened week before it. That’s not itself a sell signal, but it is a concern that the rally is exploiting the light attendance.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Friday’s close back within Thursday’s range did not immunize the rally from ending without delay. But it does suggest that extending any higher immediately would likely be done at an accelerated pace, if not exponential, perhaps spiking up sharply. So, any open Monday that is not hyper-bullish could be very bearish. [/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.