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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, October 6th Employment 8:30am, Early Bond Close 2:00pm 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: A tight, narrow range day led to new 2006 highs and close on Thursday and as suggested in DATA Morning Call further ascent was a struggle. Today both equity and treasury markets will likely be dictated from the 8:30am ET Employment Report. A significant gap up at the open and I will be pursuing nothing but the short side until a gap fill and negative momentum on the daily bars exists. I am offering 1367.25 (R2) in the pre-market as a short position trade. Weakness at the open that finds support at or above the u.214 of 1357.50 will likely be bought. 1356.50 is yesterdays low of day and a break suggests short selling as long as further resistance maintains below the Pivot. As with every Employment Report, the outcome is unpredictable in advance but we can establish our actions given the outcome in advance. For up to the minute market analysis, be in the new DATA chat room!
*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 opened lower yesterday and used confluence as resistance to sell below Wednesdays low posting negative momentum on the daily bars prompting us to short sell rallies the balance of the day. Today Notes will likely be governed by the outcome of the Employment Report at 8:30am ET regardless of yesterdays momentum and relative strength. I will more than likely leave Notes alone today and will trade the reaction to the Employment Report next week. Be in the new DATA chat room for the latest. The civilized ladies and gentlemen of the CBOT will be closing Notes and Bonds an hour early today in observance of the Columbus day holiday in which the CBOT will be closed as the rest of the trading world goes to work.
*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 up at the open was faded the entire day yesterday yet Oil managed to close in the upper .382 of the Fib Grid suggesting we continue to pursue the buy side in Oil today with $61.00 as my minimum profit target and $62.00 as my ultimate target. Notice that Wednesdays close as well as last weeks low (the light gray horizontal line) offered support yesterday. Oil must remain above yesterdays low for my bullish assumptions to remain intact. Trade with Knowledge! Burr Jennings
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Thursday, October 5th Jobless 8:30am, Natural Gas Inventory 10:30am 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 Nasdaq decided to join the Dow rally and the S&P was the net beneficiary as every minor pullback was bought all the way to the close on Wednesday. Today it is likely that the rally will continue but with not nearly the bravado of yesterdays straight up price action. Expect the upper .214 area to offer support with a new high on the week. A gap up above yesterdays high at today's open and I will be pursuing the short side aggressively looking for a gap fill and negative momentum on the daily bars minimum.
*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 the past two DATA Morning Calls, Notes held support at confluence and rallied nicely yesterday testing last weeks high which is my ultimate profit target. Today I will continue to pursue the buy side as long as the confluence of the upper .214 and the Pivot (a powerful combination) offers support with last weeks high of 108 24/32 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: As suggested in yesterdays DATA Morning Call, the buy side was the place to be on Wednesday as Oil sold to new 2006 lows before rallying through the high of the day and holding high relative strength in to the close. Today expect yesterdays rally to follow through as long as trading above the confluence of the lower .214 and the Pivot with new positive momentum on the daily bars that puts Oil back at Mondays close of 61.00 minimum. Trade with Knowledge! Burr Jennings
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Wednesday, October 4th ADP 8:15am, Factory Orders and ISM- Non Mfg 10:00am, Oil Inventory 10:30am 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 gap down at the open and a break of Mondays low led to a strong rally to just below Mondays low as the Dow posted an all-time high close. The Nasdaq continues to be reluctant but the weight of the Dow simply overpowers the Naz in the S&P. Today we still have negative momentum on the daily bars and if trading below the loose confluence of the lower .382 and the Pivot I will be pursuing the short side in the S&P. Should the Nasdaq awaken and join the rally party hosted by the Dow the S&P will most definitely be trading above confluence and pullbacks should be bought for a break of last weeks high of 1350.50
*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: An inside day on Tuesday leaves us with the same trading plan from yesterday. As long as trading above today's confluence as highlighted above I want to trade the buy side in Notes with last weeks high of 108 24.5/32 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: A massive gap down in Oil on Tuesday could not maintain the open and sold to new 2006 lows closing at the low of the day. This gap to Mondays close of $61.00 has a 90% + probability of filling in the near future. I will work nothing but the buy side off further gaps down at the open or high relative strength and positive momentum until this gap fills. Trade with Knowledge! Burr Jennings
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Tuesday, October 3rd Redbook 8:55am 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 break of Fridays low and a rally well above the Pivot suggested afternoon buying on Monday. Program selling instead sent the S&P to last Tuesday afternoons low. Today I will pursue the short side in the S&P as long as trading below the confluence of the lower .382 and the Pivot with 1321.00 as my ultimate profit target. Without any significant economic announcements until Fridays Employment Report it is likely that the S&P will remain under selling pressure.
*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 small gap down at the open on Monday and Notes rallied through Fridays high closing at the upper.382 of the current Fib Grid. As long as trading above today's confluence as highlighted above I want to trade the buy side in Notes with last weeks high of 108 24.5/32 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 opened weak and maintained weak relative strength the entire day on Monday easily breaking Fridays low and closing poorly on the day. Today, as long as trading below the confluence of the Pivot and the upper .214 Oil is bearish with a target of last weeks low of 59.675 minimum. A gap down at the open that is well below yesterdays low and I will be working the buy side as long as trading above the open with last weeks high of 64.00 as my minimum profit target. Trade with Knowledge! Burr Jennings
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Monday, October 2nd Construction Spending, Pending Home Sales and ISM-Manufacturing 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 narrow range inside day on Friday leaves us with the same trading Plan today as Friday. A gap up at the open that is above last weeks high of 1350.50 and I will aggressively pursue the short side today as long as trading below the open with a gap fill and negative momentum on the daily bars as my minimum profit target. Weakness at the open that breaks below Fridays low should be sold short on any bounce that maintains below the Pivot. With 5 days without negative momentum and a new month/quarter today, the S&P is due to relax. As Bullish retracement levels continue to hold, expect the seasonal Santa Claus rally of buy November 1 to offer us a bullish 4th quarter close.
*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 easily traded through my ultimate profit target on Friday after a small gap up at the open. Very reluctant selling suggests that we now go back and focus on the buy side. A gap down in Notes today and I will buy as long as trading above the open with last weeks high of 108 24/32 as my ultimate profit target. Strength at the open that can maintain support above the confluence highlighted above should be bought with the same 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 fell out of bed on Friday as was suggested by Thursdays poor close and ugly daily bar. Support just above the lower .382 offered a positive close at the end of the day suggesting that last weeks .214 retracement to the high of the year may have a .382 to 67.100 sooner than you might think. That said we do have negative momentum on the daily bars therefore to be a buyer, Oil must advance above Fridays high of 63.025 and remain above the Pivot to be considered bullish. If Oil starts selling off - just let it go and remain dedicated to buy extreme weakness or high relative strength as we now know from last weeks price action is at least temporarily back in the minds and actions of the big traders. Natural Gas had a nice pop on Friday and now has positive momentum on the daily bars and loose confluence today between Fridays close and the upper .382 below which all bets off to the buy side in Natty. 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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