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DATA Morning Call
Empowering active trading and investment through proper technical analysis.
DATA Morning Call is a subscription based daily service that 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. DATA Morning Call reveals exactly where we will be buying or shorting and exactly where we will be booking profits. By focusing on 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 it 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 may 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 bottom of this page!
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Friday, September 22nd No Significant Economic Announcements Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z6 (S&P500), ZN Z6 (10 Year Note) and QM X6 (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 S&P was due to relax and 10 points easily came out well before the close. Today I will continue to pursue the short side as long as the confluence of the lower .382 and the Pivot as highlighted above offer resistance with Tuesdays low of 1322.75 as my minimum profit target. Similar to yesterday I am not interested in the buy side today.
*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: Despite my lack of interest in the buy side, Notes flew to new September highs yesterday closing at the high of day. Today I will maintain that I am no longer interested in the buy side at these levels and will look for a shorting opportunity especially on a gap up at the open that is well above yesterdays high. I will pursue the short side 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 market
Crude Oil: Oil broke Wednesdays low by 2 ticks and proceeded a rather cautious rally that closed near the high of the day. This is not the short squeeze I am looking for but perhaps that will come today. To continue to pursue the buy side today, Oil must maintain support above the Pivot of 61.325 and I will look for a minimum profit target of the upper .382 of 63.425 and an ultimate profit target of 65.150 Trade with Knowledge! Burr Jennings
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Thursday, September 21st Jobless 8:30am, Leading Indicators 10:00am, Natural Gas Inventory 10:30am, Philly Fed 12:00pm ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z6 (S&P500), ZN Z6 (10 Year Note) and QM X6 (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 S&P continued to rally hitting my ultimate profit target of 1339.00 before relaxing a bit in to the close. No major fireworks from the FOMC announcement as the S&P closed pretty much in the middle of the afternoon. I am looking for a September top in the S&P and a gap up on FOMC day may have provided just that. I will be working the short side in the S&P today as long as trading below the confluence of the upper .214 and the Pivot as highlighted above with 10 points of profit as my minimum target. A significant gap up at the open and I will be shorting aggressively as long as trading below the open. I am no longer interested in the buy side in the S&P. Philly Fed at noon will likely rock the equity and treasury markets.
*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 yesterdays DATA Morning Call, Notes easily broke above my ultimate profit target of 107 16/32 before relaxing in to the close. For several weeks new weekly highs have been measured in just a few ticks and Notes are looking tired up here .I will work the short side in Notes today should yesterdays low of 107 10/32 be broken and the Pivot of 107 14/32 maintain resistance. I am no longer interested in the buy side in Notes. Philly Fed at noon will likely rock the equity and treasury markets.
*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 gap down at the open was followed by more selling courtesy of the Oil Inventory report before trading above the open and from support at the open rallying .50 to Tuesdays close where Oil was once again defeated selling hard to break the low of the day. There is little love for Oil bulls right now but that will change. "When" is always the big question and the only trade that continues to interest me is counter-trend. Today, as in previous days, I will look to buy Oil should a significant gap down below yesterdays low of 60.700 exist at the open as long as Oil is trading above the open. My expectation continues to be that a violent short squeeze from oversold conditions takes back at least $3 from short sellers. Natural Gas has joined Oil in the ranks of the brutally oversold. Look to buy Natty on a gap down or any high relative strength trade that is above the open. Do not trade Natty in front of today's Natural Gas Inventory at 10:30am ET. Trade with Knowledge! Burr Jennings
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Tuesday, September 19th Housing Starts and PPI 8:30am, S.S. Investor Confidence 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z6 (S&P500), ZN Z6 (10 Year Note) and QM X6 (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 lower open on Monday pushed through Fridays low by 2 ticks before rallying to just 1 tick below Fridays high which led to a run back to Fridays low and a positive close. Negative momentum on the daily bars was followed by positive momentum on the 210 minute on a day with near identical range as Friday leaving us with similar Pivot Points and a new Fib Grid. Given the negative momentum on the daily bars, I will pursue the short side in the S&P today as long as trading below the confluence of the upper .382 and the Pivot as highlighted above. With FOMC on Wednesday, beware an afternoon rally. This may be negated by the fact that unlike the August meeting, this month is a relatively low expectation announcement.
*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: A gap down at the open on Monday saw Notes sell almost an entire point from last weeks high taking some of the air out of the current rally. This a significant move in front of Wednesdays FOMC meeting which compared to last month is not a high expectation announcement. Look for Notes to gain a footing today and resume a rally by afternoon. Maintaining support above the confluence of the lower .214 and the Pivot (a powerful combination) is critical. Look for positive momentum on the daily bars and at least a test of last weeks high.
*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 received a nice squeeze off Fridays bottom yesterday that should continue today for at least another $1 higher. For this assumption to be valid Oil must be trading above the confluence of the upper .382 and the Pivot. Longs have taken a several week beating and have cash on the sidelines while shorts have every good reason to cover as price ascends. Oil has rolled to the November contract (QM X6). If you are positioned in the October contract you must close that position and re-open one in the November at the same time before today's close! If you have any questions or concerns about the roll please bring it up in the DATA chat room or call me at 941-364-3600 and I will help you. Look to buy Natural Gas on a gap down or any high relative strength trade that is above the open. An eight billion dollar hedge fund has been caught on the wrong side of Natty and has been unwinding over the last week or so. Expect a rally through the September high between now and October. Be in the DATA chat room for the latest analysis! Trade with Knowledge! Burr Jennings
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Monday, September 18th No Significant Economic AnnouncementsToday *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z6 (S&P500), ZN Z6 (10 Year Note) and QM X6 (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 gap up at the open offered a prime opportunity to short the S&P on Friday as pre-market economic announcements set the stage. Thursdays high offered support and quadruple witching kept price action erratic. The S&P was bullish each day of last week and is due to relax and without any significant economic announcements today we may see prices as low as Thursdays low of 1324.50 or lower. A gap up at the open and I will be working the short side as long as trading below the open with negative momentum on the daily bars as my minimum profit target. Fridays close and today's Pivot have confluence and may be an area of significant support or resistance today. The S&P is in a bull market with 2 points in the cash ($SPX) to the 2006 high which is likely to occur this week. Buying pullbacks this week may be the name of the game until 1326.70 in the cash. We have a number of important economic announcements that may take the S&P to new highs this week including FOMC on Wednesday.
*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: Strength in Notes was faded back below confluence and below Thursdays low closing weak on the day. Today it is reasonable to assume that Notes will continue to sell as long as trading below the confluence of the lower .214 and the Pivot as highlighted above. Again, I am more interested in buying extreme weakness in Notes than trying to short sell. A gap down at the open and I will be buying Notes as long as trading above the open. We have a number of important economic announcements this week including FOMC on Wednesday that should rock the Treasury market.
*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 was sold right from the gap down open on Friday posting new lows on the week before turning and breaking well above the high of the day. Margin call pressure became an issue as once again negative momentum was posted. With Friday the 10th day of negative momentum on the daily bars nothing has changed in my trading plan. Today, as in previous days, I will look to buy Oil should a significant gap down below Fridays low of 62.025 exist at the open as long as Oil is trading above the open. My expectation continues to be that a violent short squeeze from oversold conditions takes back at least $3 from short sellers. Natural Gas has now joined Oil in the ranks of the brutally oversold. Look to buy Natty on a gap down or any high relative strength trade that is above the open. Oil has rolled to the November contract (QM X6). If you are positioned in the October contract you must close that position and re-open one in the November at the same time before Tuesdays close! If you have any questions or concerns about the roll please bring it up in the DATA chat room orcall me at 941-364-3600 and I will help you. 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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