Proven Day Trading Signals from Viditrade - 05-05-2015

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

This morning''s chaRTroom links:
NOT xp-friendly (ilinc/Mitel)
XP-Friendly (Anymeeting)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Monday''s gap up to 2107.00 extended higher quickly. Already being above the morning''s 2103.00 bias-up signal, the open''s surge extended through its 2109.50 bias-up target. The 2114.75 renewed bias-up target was met before 10:15. Backing-and-filling through the noon hour held a retest of the 2107.00 open. But its reaction up to 2112.50 didn''t gain traction as the close dipped back to 2109.50.

Overnight action''s new info...
Drifting lower to 2104.50 finally found support into Europe''s opens. But a surge to 2111.75 was soon retraced, and now 2104.50 is being attacked again.

If, then...
Having failed to gain traction yesterday, the rally can resume this morning by gapping up and/or extending quickly through yesterday morning''s high. So, with the open less than two hours away, currently probing under yesterday''s lows must start retracing back into positive territory soon. Waiting until post-open before probing fresh highs would not prevent extending higher this morning, but it would likely force an afternoon reversal down. Resuming the rally from lower lows testing Friday''s high is still possible, but more difficult.

First Trade...
Exiting the open at 9:45 above 2112.25 would be likely also to trigger the 2110.75 bias-up signal 30 minutes later at 10:15. Exiting the open under 2104.25 would be unlikely to trigger bias-up, and likely at least to test the 2103.50 bias-down signal.

Bias-down parameters met.

The pre-open dip had extended down to 2101.50. It was recovered through the open up to 2109.25. Its consolidation didn''t resume the recovery, and broke lower to 2097.25.

That tested the 2098.00 bias-down target. Twice. Both 1-minute and 3-minute RSIs diverged positively on the retest. That produced a reaction up to the 2103.50 bias-down signal.

So, bias-down triggered, but its target has been met and held. Despite being a bias-down environment, usually the bias-down targets will continue holding through 11:30 if they held through 10:15. But this is still a bias-down environment.

Back under 2099.00 (being tested now) would start to signal fresh lows in play, targeting 2095.25. It''s premature to start probing above 2103.50, but probing it when the bias environment is within view of lapsing would be bullish.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2104.75
2098.50
...would target 2109.50
2103.50
Bias-down: under 2096.00
2090.00
...would target 2090.75
2084.50
Signal status: BIAS-DOWN 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))
Monday had been the second consecutive pullback session, following Thursday''s confirmed breakout. Tuesday was required to rally, which it did, but not until a deeper dip overnight that was recovered entirely into Tuesday''s open. Closing above 1.1230 would target 1.1315 and 1.1380.

Gold Jun Contract (GC, ETF: (GLD))
Monday''s closing test of 1187.00 resistance was extended overnight to probe above 1194.50 to 1198.00-1200.00 Tuesday. Closing back under 1194.50 would reinstate the decline targeting fresh lows.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday''s shallow bounce held 16.65 resistance to avoid suggesting the recovery is yet extending higher. Another dip to 16.50 support is likely, if not lower to retest 16.15.

30-year Treasury Jun Contract (US, ETF: (TLT))
Testing the 156-08 target overnight and reacting up into Thursday''s open would have been a credible low, except for the setup in-play that still requires at least a third lower close. Fresh lows tested 155-12, with 154-02 in-play so long as 156-08 isn''t recovered.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight probed fresh highs testing 61.00, targeting 61.75 and potentially 62.45. Meanwhile, the minimum requirement for at least one more higher close has been fulfilled.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping down only slightly Tuesday and ranging slightly lower through the day is "ineffectual pessimism." Rallying immediately Wednesday would be credible for extending higher intraday.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2095.75
2089.75
...would target 2100.00
2094.00
Bias-down: under 2086.50
2080.50
...would target 2081.50
2075.50
Signal status: BIAS-DOWN, BIAS-DOWN 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.