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DATA Morning Call
Empowering active trading and investment through proper technical analysis.
DATA Morning Call is entirely focused on E-MINI futures trading and supports 3 trading vehicles to choose from with varying degrees of volatility and risk. By far the least volatile are the 10-year Notes and the most volatile is Crude Oil. By learning how to contain or mitigate risk it is possible to trade higher volatility products that tend to have a higher degree of reward. This can be learned and is the mission of the Direct Access Trading Academy to teach you to be a low risk/high return trader that specializes in one particular product and masters that product before trading any additional product. Click on education to learn more.
A proficient trader with a cash account should be able to average a 1% profit per week or better. Properly margined futures accounts may experience even greater returns. All this with the added safety of trading an index! To learn more join us in the DATA chat room by clicking on real-time chat or call us any time at 941-364-3600.
Trade with Knowledge! -Burr Jennings
* Please read the Disclaimer at the very bottom of this page!
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_____________________________________________________________________ Monday, August 21st No significant Economic Announcements Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN U6 (10 Year Note) and QM V6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: After a week of nothing but positive momentum on the daily bars, the S&P foiled all nay sayers by rallying Friday afternoon to close near high tick on the week. Given the fact that the S&P has not had negative momentum in 5 sessions and that Wednesdays gap up is likely to fill, I will focus on the short side today as long as trading below Fridays high of 1307.75 and a gap above Fridays high at the open and I will be shorting aggressively as long as trading below the open with a gap fill and negative momentum on the daily bars as my minimum profit target
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes found support at the upper .214 and posted an inside day on Friday not yet ready to follow through with negative momentum on the daily bars. Today I will continue to pursue the short side in Notes as long as trading below Fridays close of 106 27.5/32 with the elusive negative momentum on the daily bars at 106 18.5/32 as my minimum profit target. A significant gap up at the open above last weeks high and I will be pursuing the short side as long as trading below the open.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil broke the low of the week on Friday and immediately reversed throwing in a second higher point of support before advancing above Thursdays high. I am very interested in nothing but the buy side in Oil this week as several gaps down are due to fill and Oil clearly was oversold Friday morning. A gap down at the open and I will aggressively pursue the buy side as long as trading above the open with a gap fill back to Wednesdays close as my minimum profit target. Trade with Knowledge! Burr Jennings ____________________________________________________________________
Friday, August 18th Consumer Sentiment 9:45am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN U6 (10 Year Note) and QM V6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: A weak open afforded an opportunity to buy on Thursday with Wednesdays high easily broken. The most significant selling since Monday came unexpectedly in the afternoon but held support at the Pivot closing at a new high for August. Today I will continue to pursue the short side in the S&P as long as trading below yesterdays high or today's open whichever is higher with negative momentum and a gap fill to Tuesdays close of 1287.75 as my minimum profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes offered a fine opportunity to short on a significant gap up above the August high yesterdays closing poorly on the day suggesting follow through today. With confluence at the Pivot and upper .214 I expect further selling to be a struggle and support above confluence would not be bearish so be defensive with shorts. It is not unreasonable to suggest that Notes are headed back to the pre-CPI levels of 106 10/32 or so.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil has rolled to the October contract (QM V6) as shown in the chart and spreadsheets above. A very nice gap down in Oil suggested buying yesterday and now offers a new minimum profit target of positive momentum on the daily bars and a gap fill to Wednesdays close of 73.225. As suggested in previous DATA Morning Call, I am only interested in the buy side in Oil at this time. Work the buy side and hold as long as you can given there is $1.50 to $4.00 of high probability upside in Oil from yesterdays close. Trade with Knowledge! Burr Jennings ____________________________________________________________________
Thursday, August 17th Jobless 8:30am, Leading Indicators 10:00, Nat. Gas 10:30, Philly Fed 12:00 ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN U6 (10 Year Note) and QM U6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: The S&P gapped up again at yesterdays open and efforts to short below the open were thwarted by near identical price action as Tuesday closing near the high of the day. Yesterday was the third day in a row that the Pivot was not traded and the S&P is due to relax. Options expiration and short covering may have a different idea as the end of the week nears. I am absolutely positively not looking to buy at this level. I am a short seller looking for negative momentum on the daily bars and a gap fill back to Tuesdays close of 1287.75 at a minimum. I will continue to pursue the short side below yesterdays high or below today's open whichever is higher above which all bets off to the short side.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes screamed higher off the CPI report on Wednesday easily surpassing my ultimate profit target. A gap up above yesterdays high today and I will consider shorting notes as long as trading below the open. Notes are overbought at this level and are due to relax and I am no longer interested in the buy side.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil could not hold the low of the week on Wednesday as resistance offered a close near the low of the day. Oil is falling out of bed and that is alright by me. I will be patient and wait for a prime opportunity to buy Oil such as a gap down today at the open that is below yesterdays low in which case I will be buying Oil as long as trading above the open with a gap fill and positive momentum on the daily bars as my minimum profit target. Trade with Knowledge! Burr Jennings ____________________________________________________________________
Wednesday, August 16th CPI and Housing Starts 8:30am, IPCU 9:15am, Oil Inventory 10:30am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN U6 (10 Year Note) and QM U6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: A strong gap up at the open had us initially shorting the S&P against the open which was defeated in the second hour of trading as Mondays resistance became Tuesdays support and last weeks high of 1288.25 was easily broken. Momentum has now capitulated on the daily and weekly bars to positive suggesting the bulls are in control. The S&P has yet to trade at the Pivot this week and is due today so any gap up above yesterdays high of 1290.50 at the open and I will be pursuing the short side aggressively. Weakness that maintains above Mondays high of 1283.25 will likely be bought to yesterdays 1290.50 high. Below 1283.25 and I am very interested in the short side with a gap fill to Mondays close of 1273.25 as my minimum profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: As suggested in DATA Morning Call, 105 25.5/32 was the place to buy Notes for a low risk, high reward trade that rallied more than 60% back to the high of the month. As long as Notes trade above confluence today I will continue to pursue the buy side with yesterdays high of 106 12.5/32 as my minimum profit target and 106 23/32 as my ultimate profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil initially advanced nicely on Tuesday only to turn and close poorly on the day. 72.850 is still my line in the sand for buying above which I will continue to pursue the buy side for a gap fill to last Fridays close of 74.425 as my minimum profit target. I am not at all interested in the short side in Oil at this time. Trade with Knowledge! Burr Jennings ____________________________________________________________________
Tuesday, August 15th Produce Price Index 8:30am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN U6 (10 Year Note) and QM U6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: As suggested in yesterdays DATA Morning Call, the short side was the place to be on Monday as initial morning strength was defeated in the afternoon with resistance at 1277.00 offering a weak close suggesting lower prices today. With PPI at 8:30am ET I will again be looking to short strength today as long as the S&P is trading below the loose confluence of the upper .382 and the Pivot with last weeks low of 1264.75 as my minimum profit target and the low of 2006 at 1229.00 as my ultimate profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes pulled in to my 105 25.5/32 number on Monday and if can maintain above this level today I will be a buyer with a gap fill to Fridays close of 106 02/32 and positive momentum on the daily bars as my minimum profit target and 106 23/32 as my ultimate profit target. Expect volatility from the 8:30am ET PPI report.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: As suggested in yesterdays and numerous other DATA Morning Call, Oil broke last weeks low smacking my 72.850 number and rallying smartly. Today I am looking for this strength to follow through with positive momentum on the daily bars and a gap fill to last Fridays close of 74.425 as a minimum profit target and a break above last weeks high of 77.425 as my ultimate profit target. Trade with Knowledge! Burr Jennings ____________________________________________________________________
Monday, August 14th No Significant Economic Announcements Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN U6 (10 Year Note) and QM U6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: As suggested in Fridays DATA Morning Call, the loose confluence of the lower .382 (the high of the day) and the Pivot (intraday resistance) offered a shorting opportunity in the S&P. Unfortunately most of the trading community dashed out of town by noon and the S&P posted a relatively narrow range inside day closing where we entered our shorts. Today is of course another day and an opportunity to break last weeks low on our way to my ultimate destination of 1229.00 which is likely an economic announcement or 2 away. Unfortunately we do not have any economic announcements today but Tuesday and Wednesday offer plenty of numbers to crunch and move the markets. As long as relative strength remains weak I will favor the short side in the S&P. Strength at the open will likely be sold in the S&P and if Thursdays high of 1277.00 is broken yet the S&P cannot remain above Thursdays high then I will short the S&P as long as trading below 1277.00 with last weeks low of 1264.75 as my minimum profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Held down by the Pivot, Notes continued to slip lower on Friday closing quite weak on the day and the week posting an inside week. Notes have relaxed 3/4 of a handle and are likely a buy this week especially if last week or the week before low is broken (106 0.5/32 and 105 25.5/32 respectively). After a break lower look for either of these levels to offer support to buy above with 106 23.0/32 as my ultimate profit target. Today's confluence at the lower .214 and the Pivot (a powerful combination) as highlighted above is an excellent line in the sand to buy against as well.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: A quick break of Thursdays low led to a rally with limited legs on Friday. Today a break below last weeks low of 73.725 or 2 weeks ago 72.850 and I will be looking for any good reason to buy Oil with last Wednesdays close of 76.350 as my minimum profit target. With loose confluence at the lower .214 and Pivot as highlighted above we have a good line in the sand to buy against today but as suggested I prefer buying weakness in Oil today not strength. Expect Natural Gas to relax this week and offer a buying opportunity below last weeks low of 6.815 Trade with Knowledge! Burr Jennings _____________________________________________________________________ D i s c l a i m e r It should not be assumed that the methods, techniques, or indicators presented in DATA Morning Call will be profitable or that they will not or cannot result in losses. Past results are not necessarily indicative of future results. DATA Morning Call is not a solicitation for the purchase or sale of securities, options or futures and is offered as an educational resource only.
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