Stock Market Trade Signals from Viditrade - 05-18-2017

Proper context can start the day with a solid win and make all the difference.

NEW DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close... Wednesday's plunge probed lower through each intraday timing window but the noon hour. Like a "session-long decline" but without the setup. Afternoon selling got underway prematurely, so its 2369.75 bias-down signal will need a retest. The attraction above didn't prevent trending down into the close testing 2355.00. Meanwhile, a trend change triggered by Tuesday's new relative high at 2402.50 being followed by a break under last Thursday's 2379.00 prior relative low. Not recovering the prior low Thursday would require at least one eventual lower close. Overnight action's new info... Sellers weren't finished, but they did need to refuel. A quick 2-3 point dip quickly touched the 2355.50 intraday low. Reversing up just as quickly extended 11+ points until approaching Europe's opens at 2367.00. A gradual dip accelerated within two hours to attack Wednesday's low. Its consolidation broke sharply to fresh lows at 2344.50, 22+ points off the overnight high. A symmetrical triangle that formed there is now breaking higher to 2254.50. If, then... The overnight low fills a 4-week old gap that was created by the record-setting 3-day surge, which eventually became the recent high. That structure already had a basis for rallying, so retracing its origin isn't necessarily bearish. It can still seem that way. The next lower structural support is another gap that coincides with "lower prior highs" at 2334.00. That can be avoided by isolating sellers to the overnight, by maintaining an open back above yesterday's lows -- preferably above 2358.50. Anything in between could still try recovering this morning, but with great difficulty. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2362.50 would likely trigger the 2361.25 bias-up signal at 10:15. Exiting the open under 2357.50 would be unlikely to trigger bias-up, and above it would be unlikely to trigger the 2352.75 bias-down signal. Exiting the open under 2349.50 would be likely to trigger bias-down. Phonetic dictation... good morning it's Thursday it's time for Thursday's Morning Market to her Okay so more of the same overnight now a little bit different but it could develop into something more remember yesterday gapping down from a new high that's a new hot on Tuesday morning because of that new high really I mean not just because I didn't we also had on Tuesday at Fred should I just not as silly above more time so Advanced that we have a prior interim low from the last relative of the advance so that the gap down to it I threw it but closing hundred reverse the trend down and unless we close back above it today that Trend will be confirmed as out a break out so we're not talking about a second can take a blower close to tell you about maintaining the clothes under so long as 79 isn't recovered that's a trend change train change sounds pretty substantial and really what it means is there's at least one more clothes so kind of like a break out in that regard had it can happen pretty easily when it happens pretty substantially like this it can be over sooner than later and it looks like it's going to happen because this is extending the close quickly we tested overnight open open advanced you're just ahead of you pretty big 11-point Trend weekend accelerated stopped optimistically short of the Lowe's and then just died capitulated from there so we got French Lowe's the market is trying to resume or extend delete duplicate yesterday's decline doesn't have to be successful at that you know this is the point that became a 22 and a half Point decline because of that 11/2 point rally there was more room to expand selling pressure before it could do damage and so as a result bouncing here pretty close to yesterday's Lowe's yesterday's Lowe's or the delimiter between up and down but my point is that price is still pretty close and there's still a couple of hours before the open so what could happen if this is coming marked up with a lot of the nineties what could happen it is some interesting structures in here bottom line is this sewing pressure the solars could be isolated to be overnight if they were isolated to the other day I haven't spoke to Fresh trying to low and open never-the-less back above Pryor Lowe's maintain that recovery that post up into that opening recovery above Pryor Lowe's through the Open Don't probe negative territory under yesterday's was there's even a line in the sand it would be preferable 5850 open about 5850 basically hold above yesterday's Lowe's extend hire a possible another isolate the sellers to the overnight they could help to fuel a rally a recovering and that could also send a message that so there's tribe they failed remember the origin here without looking for this to be a strong handed decline this sponsorship here is is not necessarily strong and it and probably not Hayway interesting patterns and here that if recovered basically if we get back out of a 62 area through any relevant tell me when do 6125 is a bicep signal another point above their there's resistance and me there's Pryor overnight stuff here this prior pre-close stuff here but there's a lot of upside of Attraction above to 6975 yesterday afternoon's biased and signal that this is all a premature break up or late break up in either case nobody's trending there's a symmetrical triangle forming now having formed off the low symmetrical triangle I know what you're thinking they often break falsely in One Direction before reversing more substantial in the opposite direction and this one may do just that however when these appear any kind of a pattern that appears pre-open if it's not already if it's not already for feeling that the characteristic like in this case the magical triangle I just described tends to break false in One Direction before reversing more substantial in the opposite direction if it's not yet reversing by the time we get through the oven in 15 minutes about today it probably won't and you can see there's a 61 8 Retreat or Scituate extension hear of this pattern about 5375 161 ache it's deceptive 5857 50 is a big Line in the Sand for the open 5750 of to 5850 so we could be looking at that now are a size 10 Salida virgin negative here but so long as that's not exploited I think right now we can give this a benefit of the doubt and stopping explain there's a price I can give it to the other night to the open we're already maybe we or just and open breaking down Breaking Bad remember we had this week that is and Confirmation at least a third her clothes as expected and there's a inverted Head and Shoulders pattern that suggest that's going to be exploded into something bigger found as fulfilled all the upside that it needed to yesterday but it never signal momentum reversing down and his bicycle remains intact with its two consecutive higher closes and now it is probably higher overnight nothing that says that has to reverse down anytime soon they could but there's no set up there that says the fun of it and then the Aussie which had 3 days here of opportunity to reject or a hold this tested and training resistance and it did intraday but as of yesterday's open app down didn't recover up to a new relative High it did recover this dance reading resistance and has extended her overnight to 7460 + so something bigger seems to be underway here it's not really good pattern because it's sleeting unfinished business below that seems to be the awesome or move here before coming back to testing it feeling it chiropractor Lowe's at 12 send gold at 12 6115 being tested being probed overnight up to 1265 having done so doesn't really matter how much I love the overnight is just close about 6150 today and something more substantial could very well be underway don't close above 6150 don't close above 61 feet and and in that case clothing under 6150 probably the end of the road here I don't like that as the identifying feature to up or down and negative clothes would be much more reliable two capping a Philly calling it a false break but basically fall Sprague higher before Traverse of silver is a break out yesterday from a multi section range can maintain it quick answer already dipping back into that price range I just need to close under and it's testing closer 1675 overnight that would isolate this this island needing to be recovered it has a safety line recover from recovering probably aren't going to maintain this overnight probably 321 so initially jerk reaction up can't be ruled out alright and the recording here quick 15 minutes any questions please go unplug them to the chart room and I'll see you there before the open door right good luck today.

Low opening print still attracts buyers. Opening above yesterday's 2354.50 low would have been very bullish. Sellers would have been isolated to the overnight, and a muti-session low could have begun forming. A short-squeeze today would have been very likely. Opening under yesterday's low at the 2352.75 bias-down signal wasn't bearish if not triggered. In fact, it almost immediately launched 5-6 point surge. That was retraced, as was the next, but ultimately another surge extended to the 2361.25 bias-up signal. The test's timing invoked the grace period, which resolved up. The 2368.25 bias-up target is now being attacked to within 3 ticks. It won't become "unfinished business above" if left outstanding. That objective is a calculation. There's also a structural objective, yesterday afternoon's 2369.75 bias-down signal that broke prematurely and requires a retest.

Being in proximity of 2369.75 helps its attraction. So does the post-open ongoing series of higher highs and higher lows. Only 1-minute RSI is diverging negatively, so it's not bearish. The difficulty with extending higher is due to "higher prior lows," since still no prior high has been recovered.

Reacting down has room to 2360.00 before beginning to signal a deeper pullback underway. Yesterday's 2354.50 low would be one objective, then potentially 2350.25 before resuming the decline.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2367.50 2366.00 ...would target  2373.50  2372.00 Bias-down: under  2359.00  2357.50 ...would target 2353.50  2352.00 Signal status: NO-BIAS, TESTED 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.

Open's rally has yet to extend. This morning's 2368.25 bias-up target was attacked to within 2 ticks. It did not become "unfinished business above." Attacking yesterday afternoon's 2369.75 bias-down signal to within 2 points didn't help it attract price the rest of the way, so its unfinished business above remains outstanding. Narrow ranging broke lower when the morning's bias environment began lapsing. The noon hour was entered testing this afternoon's 2357.50 bias-down signal. Choppy ranging didn't trigger it, and this is now a no-bias environment. But like yesterday afternoon, the bias-down signal is still under attack. That had made us suspect a no-bias trending break was coming then. And it makes us suspect another one is coming now. First things, first -- it would be triggered under 2358.25, targeting the 2350.00 area. Back above 2362.50 would start to signal a rally more likely into the close.

Thursday afternoon's probe above its 2366.00 bias-up signal came after failing to trigger it. That's "no-bias trending" and it's doomed to failure. Wednesday afternoon's break under its 2369.75 bias-down signal was also no-bias trending. It was unusually productive, ultimately extending down 25 points to the overnight low. But doomed is doomed. And it was retraced entirely Thursday afternoon. The no-bias trending retracement was itself done by no-bias trending. Unlike Wednesday, Thursday's no-bias trending was retraced already into the close, through 2363.50 to 2362.00.coming out of it. But there are other bearish influences. For example, often the no-bias trending's retracement returns to the 1:20 print, which on Thursday was 2360.00. Also, Thursday's second consecutive close under 2379.00 has confirmed a trend change, requiring at least an eventual third lower close. And the WedEX signal suggests it will influence Friday afternoon bearishly. Having trended down into Thursday's close, gapping up above the afternoon's 2375.00 bias environment high would form a "session-long rally" setup. That wouldn't negate the confirmed trend change signal, but it could invert the bearish WedEX. Otherwise, morning strength would likely resolve into a new downleg. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2370.50 2369.00 ...would target  2377.75  2376.50 Bias-down: under  2359.25  2358.00 ...would target 2353.25  2351.75 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED 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.