Day Trading Trading Signals - 06-10-2015

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2087.50
2086.50
...would target 2094.00
2093.25
Bias-down: under 2079.50
2078.75
...would target 2073.75
2072.75
Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED FAQ INTRO VIDEOS #1 and #2 1. At 10:15, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target.
2. Not triggering either bias signal at 10:15 would be "no-bias," and the bias signals should define the bias environment''s range.
-- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias.
3. Touching the bias signal within 3 minutes either way of 10:15 would invoke a grace period through 10:30 to trigger a late signal.
-- "Late" signals don''t require testing the opposite bias signal, but it''s still likely.
4. Still testing the bias signal at 10:30 after invoking the grace period would trigger "noN-bias," with no bias influence.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Tuesday''s pre-open drop to 2068.75 wasn''t retested intraday, but neither was it rejected. The morning''s bias-down target was satisfied to within 3 ticks, without oversold RSIs below needing a retest. The dips were reversed into positive territory attacking 2083.00 and 2085.00 -- never above relevant resistance when it could reverse the trend back up, but the close essentially held positive territory. Buyers gained no traction for their efforts, but neither did sellers.

Overnight action''s new info...
Flat-to-higher ranging up to Tuesday''s high and back down to unchanged firmed again at Europe''s opens. That has extended to fresh highs testing 2089.00.

If, then...
Tuesday''s close was overlapping the 2078.75 lower-end of the decline''s target area. Monday''s close, too. Why did Monday''s find a hold-short compelling, but not Tuesday''s? Where Monday''s close had not maintained a reaction up from the target area, Tuesday''s close recovered from probes under it. Extending down is still possible, especially if gapping up this morning isn''t maintained through the open. Extending a gap up is the only credible start to a remaining in positive territory all day, if not also to trending back up.

First Trade...
Exiting the open at 9:45 above 2088.25 would likely also trigger the 2086.50 bias-up signal at 10:15. Exiting the open under 2082.00 would be unlikely to trigger bias-up.

Bias-up target met, and exceeded.

After yesterday''s buyers had failed to gain traction for their efforts, rallying this morning required essentially gapping up and extending. Exiting the opening 15 minutes of volatility above 2088.25 would be likely to trigger the 2086.50 bias-up signal at 10:15.

In fact, the open''s gap up extended quickly through 2088.25. The 2093.25 bias-up target was met to within 1 tick at 9:45.

And the bias-up target was exceeded through 10:15 to renew the bias-up signal. Although not required to be met, 2098.50 and 2099.75 are in-play.

Surviving the open without reversing down in this pattern does suggest that sellers are marginalized for the day. This is regardless of extending so high and so quickly.

Overbought RSIs at the high make its retest likely. Timing makes fresh highs this morning likely to extend higher. Dipping is possible, if not also likely. But there is room down to 2091.00 before suggesting the dip is part of a reversal down.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2107.50
2106.50
...would target 2112.75
2111.75
Bias-down: under 2099.50
2098.50
...would target 2094.50
2093.50
Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL FAQ INTRO VIDEOS #1 and #2 1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target.
2. Not triggering either bias signal at 1:20 would be "no-bias," and the bias signals should define the bias environment''s range.
-- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias.
3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal.
-- "Late" signals don''t require testing the opposite bias signal, but it''s still likely.
4. Still testing the bias signal at 1:30 after invoking the grace period would trigger "noN-bias," with no bias influence.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today''s Market Wrap.

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Fresh highs Tuesday night at 1.1388 were only attacked Wednesday morning, but last week''s highs were clearly pierced, in position to fulfill the eventual third higher close that remains outstandingg.

Gold Jun Contract (GC, ETF: (GLD))
Holding the 1175.00 bounce limit Tuesday didn''t prevent gapping up Wednesday to the next higher bounce limit at 1191.70. This one is more critical to hold, as closing any higher would take the 1158.50 objective out of range. Back under 1185.30 would signal that the bounce had ended.

Silver Jul Contract (SI, ETF: (SLV))
Rallying only enough Wednesday morning to pierce the lower-end of the 16.15-16.35 target range. That was retraced to unchanged around 15.95, still leaving no new signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Attacking the next lower objective at 148-08/148-10 to within 1 tick Tuesday was only one reason why a bottom had not formed. Wednesday''s gap under it tested the next lower support at 147-18. Back above 148-11 would target 149-08 without yet reversing the trend up. The 30-year auction is on Thursday, and the 10-year went off well on Wednesday.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday''s gap up above Friday''s high had invalidated the 58.75 sell signal. Extending higher overnight gapped up sharply Wednesday to test 61.80. Its reaction tested 60.80 as support, whose recovery signals 63.15 in-play, so long as pullbacks then hold 60.30.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing higher overnight to 2.92 gapped up Wednesday, dipped a dime to probe negative territory, then recovered back toward the highs. Ending the day with a third higher close fulfills the minimum requirement and leaves no unfinished business above. But greeting Thursday''s EIA report after three consecutive higher closes is a position of strength. Leaving that minimum requirement outstanding would have been a slightly better position of strength, having that attraction above.