| DATA Home Page |
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!
|
_____________________________________________________________________
Friday, February 23rd No Significant Economic Announcements Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES H7 (S&P500), ZN H7 (10 Year Note) and QM J7 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: There was something for everyone in yesterdays S&P market. Buyers got a new 52 week high whereupon short sellers received immediate gratification from an outside day that easily broke Wednesdays low. My target of 1449.25 continues to be elusive as buyers rallied the S&P back to the middle of this weeks range from support at the lower .214 in to the close. Not at all what a short seller wants to see. Today I will continue to work the short side in the S&P as long as trading below the loose confluence of the upper .382 and the Pivot with 1449.25 as my minimum profit target. Support above the upper .382 and we may see another run to the Fib high. We do not have any economic announcements until next Tuesday.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S 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: Resistance at the lower .382 yesterday gave us the "honest pullback" I have been looking for in Notes. Selling has been a struggle in Notes as momentum is still positive on the weekly bars and support and resistance have been rising on the daily bars. Be defensive with shorts today as the confluence of the Pivot and Wednesdays low should offer resistance to continue shorting against and if not, all bets off to the short side.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil found support just above the Pivot on Thursday and rallied to new highs closing well above Wednesdays high buy just missing my ultimate profit target. Today expect 61.35 to be exceeded whereupon further ascent will likely be a struggle therefore a place to unload long positions. The short side will once again be in favor as the inevitable pullback becomes highly probable as Oil approaches $4 of range for the week. Look for failure patterns or breakouts that immediately reverse to work the short side above 61.35 and at least a 1.00 pullback. Trade with Knowledge! Burr Jennings _____________________________________________________________________
Thursday, February 22nd Jobless 8:30, Oil Inventory 10:30, 5-Year Note Auction 1:00pm ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES H7 (S&P500), ZN H7 (10 Year Note) and QM J7 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: A gap down at the open offered further selling on Wednesday but without a break of Tuesdays low. FOMC minutes in the afternoon saw support at the lower .382 and a lame rally that closed out just slightly negative leaving us with an inside day and similar Fib and Pivot numbers to trade with today. The S&P has been unable to close below the open for 6 straight sessions and is due to relax. I am still looking at 1449.25 as an inevitable target to the south side. Above Tuesdays high of 1464.00 and I will be looking for any good reason to be short. Resistance that is below todays loose confluence of the upper .382 and the Pivot as highlighted above should be sold short as well. For those wiling to accept a small risk/reward ratio or scalp, look to the buyside with support above confluence with a profit target of 1464.00.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S 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 at the open above Tuesdays high only to be aggressively sold-off to below Tuesdays low creating an outside day. Selling did not follow through and Notes closed well above Tuesdays low. With negative momentum 2 days in a row and Notes unable to close below the point of negative momentum they are suggesting a further rally. At the same time, Notes are sloppy here and due for an honest pullback. As I am not a big fan of the buy side here in Notes I will focus on the short side as long as trading with resistance below the confluence of the lower .214 and Pivot as highlighted above which also share the same level as yesterdays close.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil blasted above Tuesdays high yesterday and as suggested in DATA Morning Call was a buy. Unfortunately only the most aggressive buyers got on board relatively small pullbacks before going straight up thru the Fib high by more than .60 before relaxing in to the close. Today it is reasonable to assume that yesterdays strength will continue as long as trading with support above the Pivot of 59.675 with 61.35 as the ultimate profit target. We have Oil Inventory at 10:30am ET today so expect Oil to be a bit slippery in the first hour. Trade with Knowledge! Burr Jennings _____________________________________________________________________
Wednesday, February 21st CPI 8:30, Leading Indicators 10:00, FOMC Minutes 2:00pm ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES H7 (S&P500), ZN H7 (10 Year Note) and QM J7 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: An unusual day on Tuesday as a lower open was met with aggressive selling to well below Fridays low finding support at S2 and rallying through R2 and finding resistance right at my ultimate target of 1464.00 before closing at the opening Fib high creating an outside day. Today we have CPI at 8:30am ET and the equity markets have already priced in a favorable report therefore a gap up at the open that is above 1464.00 and I will be working nothing but the short side with a gap fill and negative momentum as my minimum profit target and 1449.25 as my ultimate target. I am not interested in the buy side at these levels.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S 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 with a gap down yesterday that was bought right back up to above both the upper .214 and the Pivot negating any significant short selling opportunity. Today we CPI pre-market and FOMC minutes at 2pm ET which will both likely dictate directional bias in Notes today. We have loose confluence between the lower .382 and the Pivot which will be a good line in the sand to either buy or short against today. Current momentum is negative suggesting the short side is favored but relative strength was high at yesterdays close so a bit of a coin toss today.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: A gap down at the open yesterday was bought in to once Oil exceeded -$2.00 relative to Fridays close. Oil rallied in to the close finishing just above Fridays low suggesting we may get follow thorough of strength today. Momentum is negative and if the loose confluence of the lower .382 and the Pivot offer resistance the short side will be favored with 57.125 as my profit target. Breaking above yesterdays high of 58.90 and the buy side on pullbacks will be favored as long as trading above confluence. Look for a minimum profit target of 59.90 and ultimately 61.35 to the buy side. Trade with Knowledge! Burr Jennings _____________________________________________________________________
Tuesday, February 20th State Street Investor Confidence 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES H7 (S&P500), ZN H7 (10 Year Note) and QM J7 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: The S&P opened lower on Friday breaking Thursdays low but ultimately regaining relative strength on the day to fill the gap back to the previous close. The S&P is tired at these levels and an honest pullback is likely today or tomorrow. Momentum on the daily bars is currently negative and resistance below the loose confluence of the lower .382 and the Pivot as highlighted above should be sold short. Significant strength at the open that gaps up above last weeks high of 1461.75 should also be sold short with 1449.25 as a minimum profit target. I am not a fan of positioning to the buy side at these levels as the risk./reward ratio is poor, but if the upper .382 of 1459.00 offers support today look for an advance of 1462.00 to 1464.00
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S 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 at the open on Friday and posted a new high before reversing and closing lower. As suggested in Fridays DATA Morning Call, I am not a fan of the buy side at these levels in Notes. Look for resistance at Thursdays high of 107 21/32 which is within a tick of today's Pivot. The upper .214 of 107 18.5/32 may also offer a line in the sand worthy of selling short against. Look for negative momentum on the daily bars as a minimum profit target and 106 23/32 as the ultimate target.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAY'S market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: As suggested in Fridays DATA Morning Call, the buy side was the place to be with a strong open that was nearly the low of the day and a $1.40 higher close that was at the high of the day. Today it is reasonable to assume the short squeeze from Friday will continue as long as trading with support above the loose confluence of the upper .214 and the Pivot as highlighted above. Look for a break above 60.325 and ultimately 61.35 as profit targets. Trade with Knowledge! Burr Jennings _____________________________________________________________________
Monday, February 19th President's Day Holiday - U.S. Markets Closed _____________________________________________________________________ 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
