Proven Day Trading Signals from Viditrade - 08-07-2015

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...
Thursday''s opening dive extended down 28 points through its 2070.00 noon hour low. The balance of the session trended up to test and retest 2080.00. The 2082.25 target of another buy signal was still in-play. The cash session close was at 2077.00, neither breaking it to trigger lower targets, nor recovering above it to confirm that its support had held. No oversold RSIs or other unfinished business was left outstanding below.

Overnight action''s new info...
The buy signal targeting 2082.25 had been threatened by a last-minute 5-point dip, which had ended within 3 minutes to maintain the signal''s momentum. The target''s test defined the overnight high, which reacted down to 2080.00, and then slid to 2075.50 into Europe''s opens. A 6-point recovery was retraced to back under 2077.00, which is being tested now ahead of this morning''s Employment Situation report.

If, then...
I highlighted the 2082.25 target being met to make clear there is no nearby unfinished business above. No upside attraction can be relied upon this morning to prevent or to inhibit extending the decline under 2077.00. So, rallying anyway would be that much more credible for extending higher intraday. Similarly, there is no unfinished business below requiring a retest before enabling a rally. Reacting down to this morning''s payrolls report must be isolated to an otherwise irrelevant timing window -- pre-open, or the opening 15 minutes -- to avoid gaining traction for a deeper and possibly much steeper slide into the weekend.

First Trade...
There are no preliminary levels ahead of an Employment Situation report. Join me in the chaRTroom at8:55am ET for the pre-market Tour to interpret the market''s reaction and to game out opening strategy.

Choppy, narrow open finally gives way. For a moment.

The pre-open reaction to this morning''s Employment Situation report had attacked 2071.00. Reacting up to touch the 2082.50 overnight high proved only temporary, and the open was greeted back under 2077.00. Soon 2071.00 was being attacked again.

That pre-open volatility proved deceptive. It had sucked out any post-open trending attempt. Volatility remained high, albeit in a narrower 5-point range centered around the 2073.00 bias-down signal -- 6-7 swings around 2073.00.

The range ended, but apparently not the volatility.

The grace period triggered bias-down from under the open''s range. That tends to offset the signal having been triggered late. But despite extending down to 2067.25, a bounce is now probing back above 2073.00.

The late signal can be invalidated by exiting the bias environment at 11:30 back above the open''s range, which is 2077.00 or better. Any shallower of an exit would make the 2066.00 bias-down target become "unfinished business below."

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2078.50
2073.00
...would target 2083.75
2078.25
Bias-down: under 2069.50
2064.00
...would target 2064.50
2059.00
Signal status: STILL TESTING BIAS-DOWN 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 Sep Contract (EC, ETF: (FXE, UUP))
Friday''s knee-jerk reaction to the Employment Situation report spiked up through the 1.0920-1.0945 bounce limit to test 1.0980. Its retracement held above 1.0855 support, and then recovered to attack 1.0985. Closing above the bounce limit does undermine the decline''s momentum, which would be reinstated by closing back under it.

Gold Dec Contract (GC, ETF: (GLD))
Probing intraday under both 1087.00 and 1083.00 Friday was recovered by a surge up to attack 1100.00, holding 1094.00 as support to make a more successful probe above 1100.00 easier.

Silver Sep Contract (SI, ETF: (SLV))
Surging to attack 15.00 and holding a reaction down to 14.75 support makes a higher close Monday more credible for extending sharply higher intraday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday''s Employment Situation report facilitated a test of the outstanding 158-08 target that attacked 158-16. Although no higher target is in-play, a pullback has room down to 157-08/157-20 before suggesting the rally''s momentum has peaked.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having failed to bounce Thursday from fulfilling the 44.25 target, fresh lows were likely, which Friday fulfilled incidentally by ranging narrowly.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday''s EIA reaction had recovered from probing under 2.77 to test the 2.82 buy signal. Reacting back down to 2.77 Friday was recovered to attack 2.82. Confirming its recovery above 2.88 would be likely to trend sharply higher.