Viditrade Day-Trading Updates - 07-10-2017

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... Friday's open gapped up 6 points to 2414.00 in reaction to Friday's Employment Situation report. Attempts at extending were resisted twice by 2417.50 as the morning ranged choppily sideways. Breaking higher through the bias environment exit extended through Thursday's 2421.50 high up to 2425.00. The afternoon bias environment ranged narrowly back down to Thursday's 2421.50 high. Overnight action's new info... Sunday night soon broke through Friday's 2425.00 high on the way up to 2429.00. Only 3-minute RSI diverged negatively, but the reaction has probed back under Friday's 2425.00 highs down to 2423.00. If, then... If Friday's optimism of gapping up and extending higher was not rejected intraday. Sunday night's immediate extension doesn't validate it by proxy, unless it enables Monday's open to gap up above levels that Friday's open and rally had failed to recover. That doesn't seem to be in-play currently. If the optimism will was ineffectual then its rally only stretched the rubber band tighter to launch the next move down more aggressively. Having probed overnight above the prior session's highs, exiting the open under the earlier 2422.00 Globex lows would be likely to trend down, confirming the rubber band is snapping back. Otherwise, not yet trending down out of the open would keep open the potential for retesting overnight highs this morning. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2425.25 would be unlikely to trigger the 2426.50 bias-up signal at 10:15. Phonetic dictation... hey good morning welcome it is Monday it's time for Monday's market Rabbit actually past time for Monday's Mark and wrapped we are getting a little late start today someone of a positive Divergence here one minute and 3 minute are size into this low that is now performing back at unchanged essentially and only three minute are inside virgin negatively at the high back at this unchanged essentially unchanged level after having probed higher overnight and not by a little not noise there's complexity there you can see the definition of running correction like pattern and then I are high that is complexity and that says it's not just noise and since it's not just noise and it's probing up with that is probing above the prior sessions High he have the earlier portion of the other night sessions low isn't held if it's broken through the open that is a 9:45 if I having probed above Friday's High overnight with complexity the earlier low is broken momentum will of reverse down this will basically act as somewhat of a rubber band not necessarily the rubber band that I'm about to describe that would essentially stretch and then snapback that's more the effect of having gapped up to shallowly Friday Friday and the rally we're going to resume if it were going to prove that the bottom was already in as of Thursday afternoon Friday is open because buyers didn't game certainly didn't gain traction on this Thursday afternoon Friday is open would have gapped up above the prior sessions High it didn't in fact it spent the morning above or under and that's after gapping up little deceptive there and resolving up of it from The Gap UPS consolidation so again just seemingly optimistic in fact it's ineffectually optimistic nope maybe it's eventually optimistic in which case today's open we describe the sun Saturday's reviews today's open would have been gapped up above the to Pryor Road and highs that's not being done being challenged it's kind of late to take that seriously if it does so what is happening and we know that and fact Friday's ineffectual optimism that try to extend our overnight fails then down we go what about the upside well if the sellers aren't taken control at the open if the earlier overnight low 2422 basically 2422 7523 being tested now but really a priority from Friday afternoon would be helpful confirmation to take out as well that's not being taken out through the open then flat the higher and higher could be aggressive nothing says that hire can't be aggressive just because sellers almost took control and didn't nothing says it has to be higher just because they were prevented from taking control or that is aggressively higher but flat to hire would be the only two options remaining of sellers can't take control at the open and if they do and will get an extra will get some degree of confidence in a bottom baby for me but that's really it has no requirement that kind of grudgingly and in this pattern that's comprised multiples that keep breaking lower and no break no false prior that resolved down as triangles often do that began aggressively and its origin this pattern is I've been saying everyday tends to resolve one way it tends to resolve one way into Steps step one is Progressive so big spike basically looking for identify this is.

Enough fluctuation to suggest wide swings. The probe above Friday's 2425.00 high was isolated to the overnight. Only now is 2425.00 even being attacked as resistance, after the open dipped to 2419.25. The setup suggests that buyers are weak-handed and that the pattern will resolve down. But the open's tests of Friday's last relative lows at 2421.50-2422.00 held as support through 9:45. That's not necessarily bullish, but it robs sellers of their traction. Which explains the post-open bounce attacking 2425.00. No 3 of the first hour's 15-minute checkpoints overlapped the same relevant level. A dry cleaners morning isn't likely. That doesn't make trending any likelier -- especially since neither bias signal was touched. But tests of either 2417.00 or 2426.50 would likely hold, and reverse back into the range. Until the bias environment starts lapsing, when trending become likelier.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2430.50 2428.00 ...would target  2435.50  2433.00 Bias-down: under  2424.00  2421.50 ...would target 2418.00  2415.50 Signal status: noN-BIAS, TESTED BIAS-UP 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.

Upholding session highs. Potential for extending this morning's rally to 2428.00 was fulfilled to within 3 ticks during the bias environment. It was probed by 3 ticks during the noon hour. And now it was overlapped during the afternoon bias timing window. 2428.00 being the afternoon's bias-up signal, still overlapping it at both 1:20 and 1:30 has triggered noN-bias. Most noN-bias environments behave like a no-bias, holding the bias-up signal's test. Some would extend higher to fulfill the 2433.00 despite it not being put into play.

Rejecting the bias-up signal's test isn't required by a noN-bias or a no-bias, not when triggered during the afternoon. But a reaction down is still possible, and would be very credible back under 2426.00 for reversing the trend down aggressively.

Reversing down would likely be aggressively, anyway, to offset the delay. But although this morning's no-bias environment's upper-end defined by its 2426.50 bias-up signal, its probe above Friday's 2425.00 high wasn't isolated. And the open's isolation of the overnight probe ran into a bullish setup by holding/overlapping tests of Friday's 2421.50 and 2423.00 prior lows. Extending higher would next target 2433.00, and still qualify as a corrective bounce. Back under 2426.00 would signal the corrective bounce had ended.

We knew early that Monday wasn't going to be a "dry cleaners" morning. But we also knew its trending attempts would likely fail. Isolating probes above or below 2425.00 Monday was also important. The overnight probe was isolated through the open, but the sellers that setup attracted weren't able to break under Friday's last relative low. Which led to the morning bias environment's rally, which didn't reject its probe above 2425.00, but held the bias-up signal. Closing above or below Friday's 2425.00 high was similarly important Monday. So, of course, the session closed more AT it than beyond it in either direction. Trending attempted, and failed. The late blip-up to 2430.00 seems unrewarding to buyers that kept the afternoon propped up above 2428.00. But its reaction down left no "unfinished business above." And its reaction down also developed too late to be predictive, regardless of dropping to 2424.00 through the futures close. Rejecting an early rally effort, or simply trending back down, would be credible for launching a retest of last week's lows. Trending up would all but require gapping up above Monday's highs. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2430.50 2428.00 ...would target  2435.50  2433.00 Bias-down: under  2424.00  2421.50 ...would target 2418.00  2415.50 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.