Trading Plan for 9/23

[pay]Pattern notes.
Monday’s session-long decline finished about halfway between Thursday afternoon’s low and Friday’s opening high. Having fallen 28 points to the ESz 1222’00 target, one more point lower to 1221’00 put into play the next lower target at 1200’00.

Despite bouncing into the close, the drop remains in-play so long as bounces don’t recover above 1216’00-1221’00. A gap above 1216’00-1221’00 would get a benefit of the doubt for extending higher. Under 1195’00-1200’00 would instead simply point much lower.

Indicators and Internals.
MACD & RSI had just started to improve into Monday afternoon’s low. The non-confirmation wasn’t a positive divergence, so no more than  a bounce into the close was likely. And having bounce off a double bottom, the pattern is that much likelier to at least probe the lows.

Tuesday’s opening setup.
The econ calendar is interesting, but I suspect a lot will played out overnight. Join me in the chartroom.[/pay]