Reliable Day Trading Signals from Viditrade - 08-05-2015

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...
Tuesday morning''s no-bias environment tested its 2095.50 bias-up signal before being dragged down into the afternoon to 2081.50. Bouncing back up to 2090.00 still managed only barely to close above the relevant 2084.00 and avoid putting into play 2077.00. But it was an "inside day" that had little predictive value, apart from leaving oversold RSIs outstanding at the low which require a retest.

Overnight action''s new info...
After ending the day at Tuesday''s lows, overnight rallying is attacking Tuesday''s highs. Initially attacking Tuesday''s 2081.50 low to within 3 ticks has since trended back up, eventually probing above Tuesday''s late 2090.00 high, and the afternoon bias environment''s 2092.25 high, now within 1 tick of yesterday''s 2096.25 high.

If, then...
Fresh lows testing 2077.00 become more likely as a recovery is delayed. And the vulnerability increases for gapping down. So, it''s fitting that the vulnerability below can be neutralized by gapping up -- above Tuesday afternoon''s 2092.50 high. Greeting the cash session from within Tuesday afternoon''s range would still be vulnerable to trending down intraday. And having rallied so strongly and relentlessly overnight, the biggest threat to a rally is if new sponsorship isn''t attracted after expending so much energy overnight.

First Trade...
Exiting the open at 9:45 above 2092.50 would be likely to trigger the 2091.00 bias-up signal at 10:15. Exiting the open above 2099.25 would be likely also to exceed the 2098.50 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.

Renewed bias-up target met, exceeded.

I described during the pre-market Tour why last night''s rally was likelier than most to extend higher post-open. Its 6-point pre-open pullback had firmed to open at 2098.50, this morning''s bias-up target. Immediately extending higher attacked the overnight high, and trending higher through a couple of econ reports eventually fulfilled the 2105.50 renewed bias-up target.

Influence of bias parameters diminishes with each renewal. So, exceeding the 2105.50 renewed bias-up target through 10:15 wouldn''t have been required to extend higher. By the same token, still testing the renewed target at 10:15 doesn''t necessarily limit the upside.

The session-long rally setup remains intact. Each timing window but one should probe its prior timing window''s high. Inverting this setup would require a significant reaction down before the noon hour. But fresh highs were just probed through 9:30, now testing 2107.00.

Despite the bias parameters losing influence on each renewal, the next higher objective would be 2111.25 so long as 2105.50''s recovery is maintained. The 1-minute RSI hasn''t been overbought since the open, which suggests that buyers are barely breaking a sweat.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2109.25
2102.75
...would target 2114.25
2107.75
Bias-down: under 2102.00
2095.50
1...would target 2095.25
2088.75
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 Sep Contract (EC, ETF: (FXE, UUP))
Lower lows Tuesday night reacted up from 1.0855 support, which Wednesday retested reacted up, too. Although that was the decline''s original target, the current decline still stopped optimistically short of retracing entirely back down to prior lows. This suggests this is not just a retest of prior low, but a new downleg.

Gold Dec Contract (GC, ETF: (GLD))
Without gapping open either way Wednesday, the template''s symmetry has been invalidated. Closing under 1087.00 and 1083.00 with confirmation the following day puts into play fresh lows targeting 1062.00 and potentially also 1050.00. There is otherwise room back up to 1100.00 before signaling a rally underway

Silver Sep Contract (SI, ETF: (SLV))
Narrow ranging dipped to retest the 14.55 support that must hold tests to avoid launching a new downleg.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday extended Tuesday''s pullback, probing under the 156-24 pullback limit and testing the 155-16 sell signal. The day''s 155-07 low represents a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the latest upleg, which is an appropriate spot to launch a retest of the high up to 158-08 that satisfies remaining buying pressure.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially firming further Wednesday came within a nickel of the 46.75 bounce limit before the EIA report triggered a return to fresh lows attacking the 44.25 target..

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday''s gap up above Tuesday''s high was retraced 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back into Tuesday''s range. Tuesday''s breakout wasn''t confirmed, but also not rejected, and back above 2.83 would now signal a rally leg is underway.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2105.75
2099.25
...would target 2111.75
2105.50
Bias-down: under 2095.00
2088.75
...would target 2089.75
2083.25
Signal status: LATE BIAS-DOWN
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.