Reliable Day Trading Signals from Viditrade - 05-06-2015

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)
-- Last night''s candidate test is done --
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Tuesday''s open was on its way to recovering from an overnight dip. A Grexit headline retraced the recovery attempt from 2109.25 back down through the 2101.25 pre-open low, falling to fresh lows at the morning''s 2098.00 bias-down target. The morning broke lower to 2090.00, and a noon hour bounce to almost 2097.00 was reversed to 2081.25. Sellers gained traction for their efforts, exiting the bias environment under the noon hour''s low, and entering the final hour lower.

Overnight action''s new info...
Tuesday afternoon''s drop was partially recovered to 2092.50 before another dip returned to Tuesday afternoon''s 2081.50 low. The dip was eventually recovered entirely back up to 2092.50, and its reaction is now trying to resume the recovery.

If, then...
There''s no "unfinished business below" attracting price lower. But today''s open might make one, a gap back down to yesterday''s ~2083.50 close. Its near-term attraction could become irrelevant if the open were to extend above yesterday afternoon''s 2090.75 high. That could form a bullish "session-long rally" setup. Gapping up without extending would not complete the setup, which could be as bearish as the completed setup would have been bullish.

First Trade...
Exiting the open at 9:45 above 2090.75 -- and preferably also above 2092.75 -- would be likely also to trigger the 2089.75 bias-up signal 30 minutes later at 10:15. Exiting the open under 2085.00 would be unlikely to trigger bias-up.

Pre-open optimism ambushed by post-open plunge.

Pre-open ranging around the 2089.75 bias-up signal didn''t make it any likelier to trigger. Exceeding 2092.75 through 9:45 would have been helpful. Indeed, the open''s surge probed it by 1 point.

But it wasn''t yet 9:45. By then, quickly reversing under 2090.00 had triggered a sell signal that extended down to 2076.25.

The 2075.50 bias-down signal was probed by 5 points, and not recovered by 10:15, renewing the bias-down signal. The renewed bias-down target at 2069.75 is in-play.

A bounce has now extended up to the 2080.50 bias-down signal. It is resistance, and back under 2076.25 would target the low''s retest, and the 2069.75 renewed bias-down target. Exiting the bias environment at 2080.50 would negate the renewed target.

Pre-open optimism ambushed by post-open plunge.

Pre-open ranging around the 2089.75 bias-up signal didn''t make it any likelier to trigger. Exceeding 2092.75 through 9:45 would have been helpful. Indeed, the open''s surge probed it by 1 point.

But it wasn''t yet 9:45. By then, quickly reversing under 2090.00 had triggered a sell signal that extended down to 2076.25.

The 2075.50 bias-down signal was probed by 5 points, and not recovered by 10:15, renewing the bias-down signal. The renewed bias-down target at 2069.75 is in-play.

A bounce has now extended up to the 2080.50 bias-down signal. It is resistance, and back under 2076.25 would target the low''s retest, and the 2069.75 renewed bias-down target. Exiting the bias environment at 2080.50 would negate the renewed target.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2091.00
2085.00
...would target 2096.00
2090.00
Bias-down: under 2080.50
2074.50
...would target 2075.75
2069.75
Signal status: LATE 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))
The rally''s 1.1380 was tested at least to within 3 pips Wednesday afternoon. The next higher significant targets would be 1.1545 and 1.1700. Pullbacks meanwhile have room down to 1.1225-1.1280 without yet reversing momentum down.

Gold Jun Contract (GC, ETF: (GLD))
An overnight dip back to an 1187.00 handle was recovered entirely Wednesday morning, but that was soon retraced. At least the 1194.50 bounce limit held, but 1187.00 was broken to reinstate the decline.

Silver Jul Contract (SI, ETF: (SLV))
Narrow sideways ranging Wednesday held the 16.50-16.65 range instead of trending, seemingly waiting out Gold completing its pattern.

30-year Treasury Jun Contract (US, ETF: (TLT))
Sharply lower lows Wednesday attacked the next lower target at 154-02 to within 1 tick. Perhaps that would suffice, but the reaction was muted and almost irrelevant, so a lower low at 153-10 is now possible. Back above 154-26 would start to suggest a bottom is forming.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing and rejecting both the 61.75. and 62.50 targets almost simultaneously -- on the same day, anyway -- creates heavy resistance. Not that it won''t be retested, but its retest is likely to hold. Closing any higher would get every benefit of the doubt for extending higher. But the near-term likelihood is a corrective dip.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
.Wednesday''s shallow reaction down was recovered entirely to retest Tuesday''s high. But the rally didn''t extend. Thursday''s EIA report is being greeted from a position of strength for being in an uptrend. But it is vulnerable to an initially negative knee-jerk reaction down since the 2.80 target has been met and held, the confirmed breakout''s minimum third higher close was fulfilled already, and there hasn''t been a deep correction.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2086.50
2080.50
...would target 2092.75
2087.00
Bias-down: under 2075.75
2070.00
...would target 2070.50
2064.50
Signal status: NO-BIAS, TESTED 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.