Stock Market Trade Signals - 06-08-2015

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...
Friday''s Employment Situation Report had reacted down to fresh lows, under a multi-session range whose lower-end had been under attack already. A steep bounce into the open didn''t prevent the intraday crowd from immediately reversing back down to fresh lows at 2083.50. And that didn''t prevent an even steeper bounce to 2099.75. But neither leg extended, as the balance of the session ranged choppily sideways into a slightly lower close around 2091.00.

Overnight action''s new info...
Relatively narrow sideways ranging has been centered around 2091.00. A brief dip down to 2086.50 around midnight was recovered back to the range''s 2093.00 upper-end. It was exciting.

If, then...
Oversold RSIs at Friday''s 2083.50 low require an eventual retest. Meanwhile, Friday morning''s 2104.25 is unfinished business above. Neither attraction need be tested in either order, and neither test need reverse immediately to fulfill the other. The value now to each comes more so from whether the timing window is exited beyond either, which would suggest the next lower objective in-play. If lower, that would be 2081.25 and possibly 2078.75.

First Trade...
Exiting the open at 9:45 under 2083.50 would be likely also to trigger the 2086.50 bias-down signal at 10L:15. Exiting the open above 2095.00 would be unlikely to trigger bias-down. And opening above 2098.50 would be likely to trigger the 2096.00 bias-up signal.

The overnight range hasn''t ended. Its horizons have expanded, a little. Its 2093.00 upper-end wasn''t retested, but fresh lows have been ranging choppily around this morning''s 2086.50 bias-down signal.

2086.50 was still being tested at 10:15 to invoke the grace period. It was still being overlapped at 10:30 to trigger noN-bias. An offsetting test of the 2096.00 bias-up signal is NOT in-play, and neither is the 2081.25 bias-down target. Also, the 2086.50 bias-down signal need not define the range''s lower-end.

The setup isn''t optimal, but it''s also not necessarily bullish. RSIs aren''t oversold at today''s lows, so any improvement isn''t necessarily sponsored by strong hands. Gradually working lower is slightly likelier than recovering soon -- although a temporary test of 2089.75 above can''t be discounted.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2091.25
2089.75
...would target 1096.25
2095.00
Bias-down: under 2084.75
2083.50
...would target 2080.25
2078.75
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))
Favorably resolving Friday''s consolidation of the morning''s plunge was likely to almost literally explode higher. Monday''s open did gap up to 1.1175, and the session extended sharply higher to attack 1.1300, more than fully retracing Friday''s plunge. At least an eventual higher close above 1.1320 remains outstanding.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing overnight and into Monday''s open 1175.00 resistance. It was neither extended nor rejected intraday, keeping alive the decline''s minimum 1158.50 target.

Silver Jul Contract (SI, ETF: (SLV))
Very shallow strength early Monday was retraced to a fresh low as the session was spent ranging narrowly sideways under the decline''s 16.15-16.35 target.

30-year Treasury Jun Contract (US, ETF: (TLT))
Having retested the decline''s 148-25 target Friday, without closing lower, the pattern remains conflicted by the downtrend being satisfied, but no accumulation yet indicated.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday''s late surge back above the 58.75 sell signal was rejected by Monday''s gap down back to 58.75. But the balance of the morning only ranged narrowly around 58.75 before extending down under 58.00 to reinstate the signal''s momentum.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up Monday to the 2.67 buy signal left no unfinished business below because Friday''s narrow ranging had not created any new low which might otherwise require being retested. Closing above 2.67 would still need a second consecutive higher close to confirm a rally leg has launched, and all prior to closing back under 2.64.