Trading Plan for 9/25

If not for Rosh Hashanah starting at sundown… then Wednesday”s volume would have been heavier, and the market would not be expecting slow volume Thursday. So, the question is whether that would have encouraged more buying, or less?

Pattern Points… (Setups and technicals)
It”s unusual for low-volume environments to trend. It”s already difficult enough to start trending in a low volume environment, and only more difficult to stop it. That was both Wednesday”s challenge and its motivation.

Volume started evaporating ahead of Wednesday evening”s Rosh Hashana holiday. It will remain depressed as worship continues during Thursday.

Low-volume trending is unusual, but it”s likelier Thursday than not. The burden of proof is on no trending, let alone trending back down. That”s from our perspective as of Wednesday”s close. Flat-lining through Thursday”s open would again be unlikely to trend.

Trending is likely to extend overnight or Thursday morning, or both, because Wednesday afternoon buyers gained traction for their efforts. The bias environment was exited above the noon hour, and the final hour was entered higher than both.

There”s room for noise up to 1993.50 above the 1990.50 attraction left outstanding Tuesday. That”s somewhat of an attraction. And there”s still unfinished business above back to last Friday”s 2014.50 pre-open high and 2010.75 gap open.

What”s Next… (Outlook and opportunities)
Negative territory might be probed down to 1987.25 without getting away from the recovery. Unless Thursday”s open were to reject all of Wednesday afternoon”s rally from 1982.50, higher highs remain likely..