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Trading Plan for 7/5 – If, Then… Market Timing

Trading Plan for 7/5

By Rod David | July 3, 2012 - 2:29 pm

HAVE A SAFE AND HAPPY 4TH! 

Pattern points… (Setups and technicals)[pay]
Abbreviated sessions on a holiday-shortened week — a truncated week, no less — do not inform the bigger picture. That does not make irrelevant that buyers once again expended enough energy to fulfill an objective without putting a higher objective into play.

Tuesday morning’s 1364.00-1365.00 objective offered resistance that formed a consolidation. A singular probe above it was retraced fully back down to 1364.00-1365.00. A late bounce was only noise, having remained under the 1369.50 interim high.

So, 1364.00-1365.00 was still being tested at the close. Similarly, Friday’s close was still testing its 1357.00 target, and Monday’s close was still testing its 1359.75 limit. This pattern can persist indefinitely, but it is a day-to-day affair that eventually discovers all buying pressure expended and no traction gained to absorb a reversal.

[/pay]What’s Next… (Outlook and opportunities)[pay]
Globex trades normally from 6pm ET to 11:30am. [/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.

Posted in Market Wrap, S&P