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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 27th GDP 8:30am, Consumer Sentiment 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 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: As suggested in DATA Morning Call, a gap up at the open offered a nice short selling opportunity yesterday. Although the gap easily filled to Wednesdays close, my minimum profit target of negative momentum on the daily bars was illusive as an afternoon rally led predominately by the Nasdaq broke the high of the day posting a new 2006/52 week high and close. Today the trading plan stays the same. With 7 consecutive days of positive momentum on the daily bars and 30 points on the Fib Grid it is time to stop pursuing the buy side unless extreme weakness exists at the open which would put the S&P back at yesterdays low. A gap up at the open that is above yesterdays high and I will pursue nothing but the short side with a gap fill and negative momentum on the daily bars as my minimum profit target. With pre-market economic announcements it is likely that volatility and gaps will exist.
*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 at the open and Notes continued to grind higher as the open was the low of the day on Thursday. I am still looking for 107 19.5/32 as an ultimate profit target and with GDP at 8:30am ET we may see that in a blink. Keep working the buy side in Notes as long as trading with support above the upper .214 of 107 10.0/32
*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: As suggested in yesterdays DATA Morning Call, Oil continued its advance getting within .10 of my ultimate profit target. Selling below confluence in the afternoon and a poor close suggests continued selling today. I still like the buy side in Oil and I am still looking for a breakout above last weeks high of 61.90 but Oil must gather itself up today and be trading with support at least above the Pivot. Trade with Knowledge! Burr Jennings __________________________________________________________________
Thursday, October 26th Durable Goods and Jobless 8:30am, New Home Sales 10:00am, Natural Gas Inventory 10:30, 5-Year Notes 1:00pm 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: As suggested in yesterdays DATA Morning Call, the S&P held critical support and rallied to a new 2006/52 week. With 25 points on the Fib Grid it is time to stop pursuing the buy side unless extreme weakness exists at the open which in the case of the Fib Grid would put the S&P back at yesterdays low. A gap up at the open that is above yesterdays high and I will pursue nothing but the short side with a gap fill and negative momentum on the daily bars as my minimum profit target. With pre-market economic announcements both today and tomorrow it is likely that volatility and gaps will exist.
*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 since Mondays open, the buy side was the place to be in Notes as the gap to Fridays close was easily filled yesterday. Today I will continue to pursue the buy side as long as trading with support above the confluence of the upper .382 and the Pivot with 107 19.5/32 as my ultimate profit target. Watch price action around 107 1/32 as well as the upper .214 will likely be recognized as support if the bulls are truly back in charge.
*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, Oil continued its advance getting within .40 of my ultimate profit target. Today it is reasonable to assume that if the perfect confluence of the upper .214 and the Pivot as highlighted above offers support that we will see new highs on the week and ultimately a breakout of last weeks high at 61.90 the first of its kind in over 2 months. Trade with Knowledge! Burr Jennings __________________________________________________________________
Wednesday, October 25th Existing Home Sales 10:00am, Oil Inventory 10:30am, FOMC 2:15pm 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: As suggested in yesterdays DATA Morning Call, the S&P held critical support on Tuesday and rallied to a new 2006/52 week high driven predominately by the Dow. Today we have FOMC at 2:15pm ET and although no change in interest rates is expected, the Fed comments will likely dictate price action for the balance of the week. I will continue to pursue the buy side above 1382.75 in the S&P today unless there is a gap up at the open that is above yesterdays 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes posted a lame inside day yesterday that was held down by the lower .214 the entire day. If long Notes be very defensive in front of FOMC today. Notes should rally well above yesterdays high right from the open today or I will look to scratch my longs from 106 20.5/32 should they trade there. We have given this trade plenty of time and there is no point in assuming the additional risk of FOMC unless you are willing to accept the potential pain for the inevitable gap fill back to last Fridays close. Today's lower .214 (identical to yesterday) is joined by loose confluence at the Pivot that will either maintain a barrier of support or resistance.
*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, Oil held critical support and rallied to my minimum profit target closing well at the end of the day. I will continue to pursue the buy side in Oil today as long as trading above the loose confluence of the upper .382 and the Pivot as highlighted above which is also approximately last weeks low an area that I expect support today. Minimum profit target is yesterdays high of 59.70 and ultimate profit target at 61.90 last weeks high. We have Oil Inventory at 10:30am ET which will likely be an influence on today's price action. Trade with Knowledge! Burr Jennings __________________________________________________________________
Tuesday, October 24th 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 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 big day of positive momentum for the S&P as the morning session posted 14 points of range easily breaking last weeks high and closing strong on the day. Today is the day before FOMC and as usual I will maintain a bullish bias especially in the afternoon session with the expectation of holding a position through Wednesday morning. Look for support above the Pivot to be a buyer with yesterdays high as a 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 gapped down at the open below last weeks low signaling a buy opportunity that really did not pan out until the last 2 hours of the day as Notes rallied to just below the high of the day. Today I expect Notes to follow through with positive momentum on the daily bars and a gap fill to Fridays close of 107 00.5/32 as my minimum profit target and once again 107 19.5/32 as my ultimate target. I am a buyer of Notes as long as trading above the upper .214 of 106 25.0/32 which is within a tick of yesterdays 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 market
Crude Oil: A gap down in Oil yesterday faded the open until the last 30 minutes closing Oil .10 off the high of the day. Today I will only be working the buy side in Oil with a gap fill and positive momentum on the daily bars as my minimum profit target as long as trading with support above the Pivot at 58.625 and 59.350 as my minimum profit target. Trade with Knowledge! Burr Jennings __________________________________________________________________
Monday, October 23rd 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: Another relatively quiet inside day on Friday that up until the end maintained price between the upper and lower .382 with a slightly higher close. Once again we do not have any significant economic announcements today and given the last two inside days we continue to use the same Fib Grid. The S&P is in a bull market and we have positive momentum on the daily bars which suggests that if trading above the loose confluence of the upper .382 and Pivot as highlighted above we are buyers today. Below this level and all bets off to the buy side. That is not to suggest getting short. With FOMC on Wednesday we will be looking to buy the S&P on Tuesday so my focus will remain for the next 3 days solely on the buy side with a new 2006 high 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: A relatively quiet inside day on Friday leaves Notes with the same Fib Grid today. With negative momentum on the daily bars and the inability to get traction at the lower .214, Notes are poised for lower prices this week. Expect last weeks low of 106 25.5/32 to be broken before bottom fishers attempt to support this market. With confluence at the lower .214, the Pivot and Fridays close of 107 00.5/32 expect a stone wall of resistance at this level.
*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 gave up any attempt to rally that was generated on Thursday and sold to the low of the week. With negative momentum and low relative strength on the daily bars expect lower prices in Oil today. Confluence of the lower .214 and the Pivot should offer significant resistance today and if not - all bets off to the short side in Oil. Since the low of last week is also the 52 week low, be sure to force a broad risk/reward ratio on to your trade as there are no recent points of support to use as viable profit targets. 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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