Reliable Day Trading Signals from Viditrade - 06-02-2015

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...
Monday''s pre-open bounce became a post-open plunge, from 2115.00 down to 2100.25. Despite not yet fulfilling the morning''s 2098.50 bias-down target, another bounce fulfilled the afternoon''s 2118.00 bias-up target. Then a shallower plunge ended the day by testing 2109.00, with no unfinished business above, and the morning''s unmet bias-down target outstanding below.

Overnight action''s new info...
Significant overnight action leads me to publish today''s First Trade much earlier than usual... Flat-to-lower ranging overnight had twice held 2112.00 resistance. Price began weakening at Europe''s opens, eventually cascading down to 2094.00. I''m going to go out on a limb here... Greece headline? Yep, Greek voters pushing back on austerity plans. Anyway, the reaction up from 2094.00 consolidated at yesterday morning''s 2100.25 low, and is now climbing higher to 2103.50.

If, then...
Just touching 2112.00 Friday had made last Tuesday''s 2096.00 low likely to be probed by 2-3 points. Last night''s plunge to 2094.00 neutralizes that attraction. But if a rally doesn''t exploit this vulnerability early, then a much more substantial decline will be underway.

First Trade...
Exiting the open above 2108.50 would be unlikely to trigger the 2106.50 bias-down signal at 10:15. Exiting the open at 9:45 above 2101.50 would be likely to recover the 2098.50 bias-down target in time to avoid renewing the bias-down signal. Exiting the open under 2093.00 would be unlikely to recover the 2098.50 bias-down target, renewing the bias-down signal and putting 2078.75-2081.25 into play.

Bias-down parameters almost rejected. Which means, not.

The 2104.25 open soon resolved down to probe a couple of times under 2097.00. The probes stopped optimistically short of touching last week''s 2096.00 low -- which is potentially bearish from a contrarian perspective.

We can dismiss those impatient buyers, since the overnight low had probed much deeper. And not exceeding the bias--down target through 10:15 avoided renewing the bias-down signal.

It''s not an optimal low. But that didn''t prevent a buy signal at 2101.50 from extending to 2106.50. Of course, 2106.50 is this morning''s bias-down signal, and it wasn''t recovered through 10:15 or 10:30.

So, this is a bias-down environment. That hasn''t prevented extending higher to 2108.75. But it is a "bias-down rally," which must be retraced to at least 2106.50 when the bias environment begins lapsing.*

(*A dip is retracing now to 2106.50, but this is too early to complete its retracement.)

Back under 2104.25 would start to signal the recovery potential was done. Bottoming optimistically short of touching last week''s low, and rallying impatiently -- not to mention bias-down rallying -- all would combine to make the decline likely to extend. Otherwise, successfully navigating the bias environment''s exit still has that narrow window to become a new rally leg to new highs.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2112.00
2110.00
...would target 2117.00
2115.00
Bias-down: under 2103.50
2101.50
...would target 2098.00
2096.00
Signal status: waiting for trigger 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''s had dip held a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the rally from last week''s low. Tuesday''s open surged through the likely 1.1095 target on the way to almost 1.1200. Extending the rally depends upon pullbacks holding 1.1110 as support. The next higher target would be 1.2975 1.1295. Otherwise, a much deeper decline is underway.

Gold Jun Contract (GC, ETF: (GLD))
Monday''s stunning intraday retracement of the morning''s surge had not extended under Friday''s close by noon. Instead, flat-to-higher ranging remained within Monday''s range, now falling behind schedule in launching a new downleg.

Silver Jul Contract (SI, ETF: (SLV))
Completely retracing Monday''s opening surge had created a time frame for extending down, if the pattern remained likely to extend down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday''s steep, deep 2-point drop from 155-5 extended down Tuesday as steeply and as deeply to test 151-14..A bounce should hold 152-24 before resuming the decline.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday''s probing above 60.80 made any dip unlikely to close under 60.30. The probe extended higher to attack 61.80. Now holding above 51.75 59.75 keeps the 63.00 target in-play.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Tuesday''s fresh lows down to 2.60 fulfilled the bottoming setup I had described after Monday''s close. Probing Sunday night''s low and recovering back into Friday''s range above 2.63 --optimally also probing above Monday''s 2.67 high -- should marginalize sellers. Closing under 2.60 would be that much more bearish.