Greece reaches a debt accord… mortgage lenders reach a settlement, and Jobless Claims reach a new 4-week low. That should be good for at least, what, a 2-point gain on the day?
Pattern points… (Setups and technicals)
Thursday’s second consecutive close above 1343.00 confirms Wednesday’s close above 1343.00, targeting 1371.00. Optimal confirmation would have been to close above Wednesday’s highs, but its 1348.25 pre-open high was still being tested at Thursday’s close.
That just prevents considering a “hold-long through the close” setup. Opening above Thursday’s 1351.25 high would still be credible for extending higher. Meanwhile, the attraction back to 1343.00 remains as intact as the range around it.
Apart from the somewhat confirmed breakout, Thursday afternoon’s 1353.75 bias-up target is “unfinished business” above. Its quick test would be likely Friday if the open were to hold or recover its 1348.50 bias-up signal. Its test would be delayed otherwise.While the 1343.00 “breakout” gets every benefit of the doubt for the a brief probe higher. Closing back under 1343.00 would open the door to a brief probe lower.
What’s Next… (Outlook and opportunities)
Don’t forget about Saturday’s Strategy Session, at 9:30am ET. We’ll discuss the bigger picture, and how Friday’s price action may have affected it, along with doing instant analyses of your stock requests.
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.
Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes "Trading Plan" and more each session at the blog http://IfThenSignals.com.