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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 20th 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 Z6 (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: Quiet price action outside of the first hour left the S&P with an inside day at yesterdays close. A new all-time closing high in the Dow helped buoy a near high of day close in the S&P despite lackluster price action. Today we have no economic announcements but a number of important S&P heavy weights reporting earnings. Expect the bias to continue to be bullish with a potential new high of week. We have loose confluence of yesterdays close, the upper .382 and the Pivot which will likely be a line in the sand for the market today. Be in the DATA chat room for the latest market analysis!
*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 broke Wednesdays low yesterday and rallied back to the previous close settling the day at the lower .214 of the opening Grid. Today we have confluence of the Pivot and the lower .214 (a powerful combination in Notes) and given that we have traded 107 00/32 for 7 sessions straight Notes are poised to make a significant move. Problem is there are no economic announcements to help move the market today. Bullish or bearish bias today, use the confluence at 107 00/32 as your line in the sand to buy or short against.
*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 gapped up at the open and ultimately found support at Wednesdays close to rally $1.50 still only producing an inside day therefore we use the same Fib Grid today. Yesterdays price action suggest higher prices today that should break above the high of the week at 61.850 with all bets off the buy side should the loose confluence of the lower .382 and the Pivot not offer support. Trade with Knowledge! Burr Jennings
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Thursday, October 19th Jobless 8:30, Leading Indicators 10:00, Nat. 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 Z6 (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 yesterday at the open led to selling to well beyond Tuesdays close in the S&P. Short sellers were rewarded with immediate gratification within the first hour or so with a close just below today's Pivot. With confluence at the upper .382 and the Pivot this area will likely be bought against today for a new 2006 high of 1380.50 or higher. Trading below yesterdays low of 1367.75 and I will be working the short side in the S&P as long as confluence or lower maintains resistance with a gap fill to last Wednesdays close of 1359.00 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: A somewhat uneventful day in Notes Wednesday as important economic announcements led to volatility that created a rising wedge that held resistance around confluence only to close a few ticks higher off a negative momentum day. Yesterdays price action suggests a rally today as last weeks low was defended at the lower .214 of the Fib Grid. Trading above yesterdays high of 107 07.5/32 and I will work the buy side today in Notes as long as support is above the confluence of the lower .382 and the Pivot as highlighted above with 107 14.5/32 as my minimum profit target and 107 19.5/32 as my ultimate target. Should resistance be at confluence or lower, expect a break of last weeks low of 106 25.5/32
*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 below Tuesdays low and maintained low relative strength selling against the Pivot to a tick below my ultimate profit target of last weeks low. This is an area that I am very interested in buying Oil. Oil has not had positive momentum on the weekly bars for over 9 weeks and that will likely change in the near future. A gap down at the open today that is below yesterdays low and I will be buying Oil aggressively with a gap fill and positive momentum on the daily bars as my minimum profit target and positive momentum on the weekly bars as my ultimate target. E-mini Oil rolls to the December contract (QM Z6) today therefore the significantly different Fib and Pivot numbers above. Trade with Knowledge! Burr Jennings
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Wednesday, October 18th CPI and Housing Starts 8:30, 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 led to continued selling to well below Fridays low only to abruptly rally back to just below the Pivot closing at the same level as the open. Today we have pre-market economic announcements that will likely dictate much of the days price action. Yesterdays strength will likely follow through today with Mondays high of 1378.25 as my minimum profit target as long as the confluence of the lower .382 and the Pivot offer support below which it is likely that yesterdays low of 1364.00 will be broken and a gap fill to last Wednesdays close of 1359.00
*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 up in Notes at the open on Tuesday offered initial support at the L.214 and a rally to last weeks high whereupon the bull ran out of steam and Notes collapsed. Today we have pre-market economic announcements that will likely dictate much of the days price action. Positive momentum suggests higher prices but poor relative strength at the close suggests otherwise. Use today's confluence of the upper .382 and the Pivot as your line in the sand to buy or short against. It will not take much to push Notes below yesterdays low and ultimately to last weeks low of 106 25.5/32 whereupon real buying may return. Should support exist at our above confluence today look for a return to 107 19.5/32
*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 above Mondays high and retreated in to the close suggesting lower prices today. A break below yesterdays low and I will pursue the short side as long as trading below the Pivot with last weeks low of 57.350 as my ultimate profit target. Trading with support above the Pivot of 59.275 and yesterdays high of 60.250 will be my minimum profit target. Trade with Knowledge! Burr Jennings
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Tuesday, October 17th PPI 8:30, IPCU 9:15 am 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: The S&P continued to advance off weakness at the open on Monday breaking well above last weeks high. Today we have pre-market economic announcements that will likely dictate much of the days price action. Equities are overbought at these levels and are due at least a .214 pullback or more. Again, gaps up at the open should be sold short. Rallies that cannot maintain above last weeks high of 1374.75 should also be sold short with negative momentum on the daily bars as a minimum profit target. That said, it is still a bull market and similar to yesterday, weakness at the open will likely be bought to new 2006 highs. Keep in mind I am only looking to short extreme strength at these levels and buy extreme weakness.
*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 posted a quiet inside day on Monday therefore we continue to have the same trading plan as yesterday. Today we have economic announcements that will likely dictate much of the days price action. I am very interested in buying a gap down at the open that is below Fridays low of 106 25.5/32 as long as trading with support above the open. I am also interested in buying above the lower .214 as long as support maintains above 107 06/32 with a gap fill to a week ago Fridays close at 107 19.5/32
*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 Fridays low only to turn tail and rally off the confluence of Fridays closeand the upper .382 easily breaking Fridays high creating an outside day. Today it is likely that Oil will continue to trade higher. Look for support above the confluence of the upper .214 and the Pivot as highlighted above to confirm the buy side today. With the 10/9 close gap filled I will look to the 10/9 high of 61.30 as an ultimate profit target. Trade with Knowledge! Burr Jennings
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Monday, October 16th No Significant Economic Announcments 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 Fridays DATA Morning Call, the S&P could not rally with the same vigor as Thursday. Weakness was bought around the confluence of the upper .214 and the Pivot and Thursdays high of 1372.00 was easily hit. The S&P could not retrace to the upper .214 of the Fib Grid and will likely do so this week. Gaps up at the open should be sold short. Rallies that cannot maintain above last weeks high of 1374.75 should also be sold short with negative momentum on the daily bars and/or 1369.75 as a minimum profit target. That said, it is still a bull market and similar to Friday, weakness at the open will likely be bought to new 2006 highs. Keep in mind I am only looking to short extreme strength at these levels and buy extreme weakness.
*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 resistance at the lower .214 on Friday and sold to new lows on the week. As suggested in Fridays DATA MC, notes are over-cooked to the downside here and therefore I am not interested in shorting at these levels. I am very interested in buying a gap down at the open that is below Fridays low of 106 25.5/32 as long as trading with support above the open. I am also interested in buying above the lower .214 as long as support maintains above 107 06/32 with a gap fill to a week ago Fridays close at 107 19.5/32
*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 gapped up at the open well above Thursdays high and maintained support above the open up until the last 30 minutes of the day where a lower close suggests lower prices today. The current levels are still too depressed to get excited about short selling beyond a return to last weeks low. Instead I will focus on buying a gap down or buying should prices gap below last weeks low of 57.350 and should the confluence of the close and the upper .382 offer support I will work the buy side as well. 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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