Proven Day Trading Signals from Viditrade - 04-15-2015

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

Enter the chaRTroom here
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Monday''s sell-off from 2101.25  bled into Tuesday''s session, thoroughly testing the maximum 2076.00 pullback limit. Two timing windows failed to break lower, and the second window was exited in rally mode. The noon hour''s 2092.00 high was consolidated through the afternoon, perhaps inhibited ahead of post-open earnings. Buyers didn''t gain traction for their efforts.

Overnight action''s new info...
Tuesday afternoon''s consolidation bled into the overnight, trading flat-to-lower within Tuesday afternoon''s range. One hour after Europe''s opens a surge probed above Tuesday''s range to 2095.00. That has since extended to 2097.00..

If, then...
The rally was likely to resume today, and the rally''s resumption was likely to begin by gapping up. But gapping up does not ensure the rally is resuming. Already trading 5 points above yesterday''s high is testing 2097.00, important resistance that was Monday morning''s support and eventual sell signal. Post-open testing of relevant resistance requires exceeding it through that timing window''s exit, or else a reversal down would become likely -- even if only as a temporary correction. It is possible to expend too much buying pressure to be sustainable, which would be "ineffectual optimism." There is a benefit of the doubt for extending higher, but we''ll still be prepared for signs that new sponsorship isn''t being attracted. Bank of America (BAC) just announced earnings and the ECB just announced policy, neither having an effect on S&Ps. Mario Draghi''s press conference will begin soon, a centrist Fed speaker is scheduled pre-open, and a hawk is scheduled post-open. Until the bias timing window triggers at 10:15, we''ll still give dips a benefit of the doubt to be recovered.

First Trade...
Exiting the open at 9:45 above 2097.00 would be likely also to trigger the 2094.50 bias-up signal at 10:15. Exiting the open above 2103.25 would be likely also to exceed the 2100.50 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 2088.00 would be unlikely to trigger bias-up.

Opening surge holds its ground.

Pre-open gains had extended to 2099.25, but reacted down again into and out of the open. The opening bar blipped down quickly to pierce the 2094.50 bias-down signal. Its reaction up extended to a fresh high at 2102.25.

That''s 1 point above Monday''s high. It was probed after 9:45, so not yet exceeding it doesn''t undermine the trending attempt. Pullbacks are still likely to recover. 

But sellers aren''t marginalized. Pullbacks aren''t required, but they''re not avoidable. The 2100.50 bias-up target was met already, but this is still a bias-up environment. 

Maintaining the gap up above yesterday''s highs, and not yet reversing down from Monday''s highs, suggests that more market participants are becoming bullish, too. So long as 2094.50 holds as support, the next higher objective is to probe above 2107.50 to attack 2111.00.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2108.75
2102.00
...would target 2114.00
2107.25
Bias-down: under 2100.00
2093.25
...would target 2094.75
2088.00
Signal status: NO-BIAS INVALIDATED ABOVE 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 Mar Contract (EC, ETF: (FXE, UUP))
Tuesday''s gap up above Friday''s highs was retraced overnight to test the 1.0585 pullback limit at Wednesday''s open. It was recovered to probe Tuesday''s highs around 1.0700, keeping alive potential to the 1.0850 area.

Gold Jun Contract (GC, ETF: (GLD))
Lower lows Tuesday night didn''t extend and Wednesday''s open was still overlapping 1194.50 to suggest the pullback was only temporary. Intraday highs attacked 1203.00, so that extending above 1205.00-1208.50 Thursday can launch a new upleg.

Silver May Contract (SI, ETF: (SLV))
Choppy sideways Wednesday ranging held the 16.02-16.10 support that had held Tuesday, bouncing back above 16.30. Closing at least within the 16.45-16.60 range would begin suggesting the decline had ended.

30-year Treasury Jun Contract (US, ETF: (TLT))
An early dip Wednesday probed momentarily under 164-04 before recovering bouncing to test and retest 165-00 resistance, supported by Tuesday''s 164-08 low. Another dip under 164-04 should gain traction and extend.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending higher overnight probed last week''s highs Wednesday above 54.00. That extended higher already to its 56.00 target. The rally might have gotten ahead of itself, so pullbacks must hold 55.20 to maintain the upward momentum. Closing back under 53.00 would signal momentum reversing down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up again Wednesday fully exploited its room to 2.60, probing a couple of pennies above it. A pullback should now precede a more substantial rally leg. Thursday''s EIA report isn''t being greeted from a position of weakness, so an initially negative knee-jerk reaction down should recover.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2111.50
2104.75
...would target 2116.75
2110.25
Bias-down: under 2101.50
2095.00
...would target 2096.75
2090.00
Signal status: STILL TESTING BIAS-DOWN SIGNAL 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.