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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, November 10th No Significant Economic Annoucements 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: Strength at the open yesterday was met with selling that in the afternoon could no longer hold the upper .382 and was no longer bullish. We still have positive momentum on the daily bars and if trading with support above the upper .382 or, worst case scenario, above the Pivot I will be working the buy side with 1395.25 as my ultimate profit target. We do not have any economic announcements today to help fuel the fire and the treasury market closes 2 hours early 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: Notes posted another narrow range day on Thursday but this time breaking above the high of the week and offering support at the upper .214 suggesting higher prices today with last weeks high of 108 19.5/32 as my ultimate profit target. We do not have any economic announcements today to help fuel the fire. Notes close in the Pit at 1pm ET while the eCBOT electronic contract closes at 2pm ET.
*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 offered a fine opportunity to short Oil yesterday that unfortunately was defeated in to the close as a late day rally broke above the high of the day. I am only interested in the short side in Oil until the gap fills at 59.925 and we have negative momentum on the daily bars. Loose confluence of the upper .214 and the Pivot should offer resistance today otherwise all bets off to the short side in Oil. Trade with Knowledge! Burr Jennings
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Thursday, November 9th Import/Export Prices and International Trade 8:30am, Consumer Sentiment and Wholesale Trade 10:00am, Natural Gas Inventory 10:30am, 10-Year Note Auction 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, a gap down at the open was bought to my minimum profit target of 1393.00 before relaxing in to the close. Today we have a slew of economic announcements that if not too disappointing we should see 1395.25 or higher. Today's Fib Grid is yesterdays range given the outside day and with perfect confluence at the upper .382 and the Pivot I will be working the buy side as long as trading with support above 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes posted a narrow range inside day on Wednesday closing at the high of the day suggesting higher prices today. Economic announcements today will likely dictate directional bias. The current chart suggests working the buy side as long as trading with support above 107 29/32 with last weeks high of 108 19.5/32 as an ultimate profit target. Trading below yesterdays low or with resistance at the upper .214 and Mondays low of 107 10/32 becomes a distinct possibility.
*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 continued to be a slippery devil on Wednesday thanks to the Oil Inventory Report and a buy on close program that saw an .80 rally in the last 10 minutes of the day. Today, as long as trading above the confluence of the upper .382 and the Pivot, it is reasonable to assume that Oil will finally fill the gap to the 10/27 close at 60.725 Trade with Knowledge! Burr Jennings
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Wednesday, November 8th Oil Inventory 10:30am, 3-Year Note 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: The S&P accelerated higher almost right from the open on Tuesday coming with 9 ticks of my ultimate profit target the 2006 high. Today price action will likely be dictated by election results since for the 3rd day in a row we do not have any significant economic announcements. Weakness at the open will likely be bought as the magnetic quality of the 2006 high continues to call the S&P higher. If a gap down below yesterdays low exists I will be working the buy side as long as trading above the open with yesterdays high of 1393.00 as my minimum profit target and the 2006 high of 1395.25 as my ultimate 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 up and rallied almost to the upper .382 on Tuesday before closing out the day just above the lower .382 near the middle of the day. Today price action will likely be dictated by election results since for the 3rd day in a row we do not have any significant economic announcements. With positive momentum on the daily bars expect the loose confluence of the upper .214 and the Pivot as highlighted above to offer support for a break above yesterdays high of 108 2.5/32 as my minimum profit target. Yesterdays price action suggests a challenge of last weeks high of 108 19.5/32 as well. The 3-Year Note auction at 1:00pm ET will likely have little impact on the 10-Year Note 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 market
Crude Oil: Oil found resistance at Mondays close yesterday as late day selling posted negative momentum on the daily bars. Oil has been a bit like a drunken sailor lately and has yet to fill the gap to the 10/27 close. Negative momentum on the daily bars suggests shorting below the confluence of the lower .214 and the Pivot today. Trading above yesterdays pm high of 59.975 and Oil will likely be taking another run at filling the gap. Trade with Knowledge! Burr Jennings
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Tuesday, November 7th 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: As suggested in yesterdays DATA Morning Call, the buy side was the place to be in the S&P on Monday as more than two-thirds of the distance back to the 2006 high was traveled in 1 session. Today I will continue to pursue the buy side in the S&P as long as trading above the Pivot. Yesterdays Pivot was left behind and it is reasonable to assume that a pullback will exist today that at least tests the Pivot highlighted above with last weeks swing high of 1387.25 as my minimum profit target and the 2006 high of 1395.25 as my ultimate target. Today is election day so traders will be positioning in front of this evenings results and given there are no economic announcements today things may be a bit choppy.
*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: Weakness at the open led to a quiet bullish drift on Monday that attempted to rebound to the lower .214 but did not have the horsepower. Today it is reasonable to assume that yesterdays strength will follow through to at least break yesterdays high of 107 17/32 on the way to 107 19/32 which would complete the minimal .214 retracement. This presents an issue in our methodology that suggests our first opportunity to short a minimal retracement yet in an environment where positive momentum exists on the daily bars with high relative strength on the day. Things that make ya go HMMMMM. This could be a bit tricky today as an argument can be made for shorting at the same levels as buying. Be in the DATA chat room for the latest.
*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 Monday as last weeks high was easily broken posting positive momentum on the weekly bars for the first time since August. Today it is reasonable to assume that strength in Oil will continue with my minimum profit target at the 60.725 close of 10/27 and my ultimate profit target of 61.675 the 10/26 high. Trade with Knowledge! Burr Jennings
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Monday, November 6th 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: A gap up at the open could not maintain above Thursdays high as suggested and faded in to bearish territory breaking the low of the week before bouncing and closing just below the low of the previous week. Equities are clearly under pressure with 6 consecutive days of negative momentum on the daily bars. Without any significant economic announcements this week until Thursday morning, the S&P may be stuck in this area for a few days. A break below last weeks low looks inevitable given Fridays low close. That said I am very interested in using last weeks low of 1365.50 as my line in the sand to buy against this week as a bottom fishing maneuver to catch the inevitable positive momentum on the daily bars. Strength at the open that maintains support above the confluence of the lower .382 and the Pivot should be bought as well. I am not interested in the short side at these levels and a potential 7th day of negative momentum.
*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 fell off a cliff closing just above the .618 retracement from Wednesdays high. Notes are in serious trouble here and it is reasonable to assume that the loose confluence of the lower .382, .214 and the Pivot will offer resistance this week and should be sold short against. My interest in shorting is more at the lower .214 than anywhere else as this historically has been a great influence on both support and resistance. Above the upper .382 and all bets off to the short side. With such a violent reaction to Fridays Employment Report my ultimate profit target is last months low of 106 19/32.
*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 opened higher on Friday and made an attempt to fill the gap back to the previous Fridays close at 60.725 but could not get thruough the Wednesdays high. That may change today as Oil has struggled with posting a lower weekly low since last Tuesday and has not had positive momentum on the weekly bars in months. Expect strength this week that breaks above last weeks high of 59.650 and fills the gap to 60.725 and potentially breaks the 10/26 high of 61.675 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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