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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, May 18th Consumer Sentiment 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES M7 (S&P500), ZN M7 (10 Year Note) and QM M7 (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: Weakness at yesterdays open was bought to a new 52 week high in the afternoon which was immediately sold to close below the open. This is a bearish look as was Monday and Tuesday of this week and given today is equity options expiration we may see an attempt to continue to prop up prices. Yesterday was the 5th consecutive day without breaking a previous days low and it is due. Consumer Sentiment at 10am ET is predominately a wiggle and jiggle number-not a big market mover. Today we confluence at the upper .214 and the pivot (a powerful combination) with a buy bias that suggests buying of support at or above confluence with yesterdays high of 1521.75 as an ultimate profit target. On the other hand, yesterdays close suggests negative momentum is due on the daily bars and resistance at or below confluence will likely offer a good shorting opportunity with 1512.75 as a minimum profit target and 1496.00 as an ultimate target. A gap up at the open that is above yesterdays high of 1521.75 and I will be focused only on the short side as long as trading below the open with a gap fill and negative momentum on the daily bars as my minimum profit 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes continued to fade on Thursday with a close just off the low of the day trading inversely to the S&P. As long as trading below the lower .214 Notes remain bearish today but be aware that Notes are quite oversold here and due for at least a bounce in the next session or so. That said I am not interested in initiating new short positions in Notes at this level. Look for a gap down opportunity at the open to buy against or a break below yesterdays low of 107 11/32 that rebounds and finds support above that level to buy. If still short look to buy back your position on a break below yesterdays low.
*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 DATA Morning Call, a reversal took Oil through the high of the week and then some posting one of the biggest moves in some time. Oil remains a buy today as long as trading with support above the loose confluence of the upper .214 and the Pivot as highlighted above with 66.650 as an ultimate profit target. Trade with Knowledge! Burr Jennings
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Thursday, May 17th Jobless 8:30, Philly Fed 12:00 Noon ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES M7 (S&P500), ZN M7 (10 Year Note) and QM M7 (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 test of Tuesdays low led to a rally that tested Tuesdays high posting an inside day yesterday. Today the current momentum and relative strength suggests a rally that should trade well above 1519.75 as long as support exists at or above the confluence of the upper .214 and the pivot as highlighted above. Philly Fed at noon will likely have an impact on directional bias this afternoon suggesting the short side being favored only if resistance is at or below confluence looking for a breaking of yesterdays low of 1506.00 as a minimum profit 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes held resistance at the lower .214 yesterday but were unable to break below Tuesdays low posting an inside day. The short side is running out of gas at theses levels but Philly Fed at noon today may be the catalyst necessary to continue lower. Loose confluence is again at the lower .214 and the pivot today and our trading plan stays the same as yesterday given the inside day.
*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 finally fell out of bed yesterday but without conviction, closing just off the high of the day. Today we have confluence at the lower .382 and the pivot and Oil must be trading with resistance at or below this level to be considered a short candidate with an ultimate profit target of 60.700. That said, yesterdays close suggests we be on the lookout for a potential reversal to the upside today which would have a minimum profit target of 63.300 Trade with Knowledge! Burr Jennings
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Wednesday, May 16th Housing Starts and IPCU 8:30, Oil Inventory 10:30am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES M7 (S&P500), ZN M7 (10 Year Note) and QM M7 (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: Strength at the open found support at confluence and rallied to a new 52 week high whereupon sellers took control sending the S&P through the low of the day with resistance now at confluence as can be seen in the chart above. Yesterdays price action suggests lower prices today with a break of yesterdays low of 1504.75 and a test and perhaps a break of last weeks low of 1496.00 which would create a bearish engulfing outside week. That said, we have pre-market economic announcements that will likely set the tone for the day. Confluence at the upper .382 and the pivot as highlighted above will be our line in the sand to trade against today. Should support exist at or above this level look for a return to 1519.75
*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 continued their move lower on Tuesday and appear willing to do the same today. With loose confluence at the lower .214 and the pivot, we have a line in the sand to trade against or better yet to no longer be short against as Notes have become oversold and are due for a bounce some time this week. We have economic announcements that will likely set the tone for the day in Notes as well as the S&P. Significant selling in the S&P and expect a rally in Notes.
*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 continued to grind higher on Tuesday and trading above the loose confluence of the upper .214 and the Pivot Oil is a buy today with an ultimate target of 66.625 (unlikely to be hit today). That said we have Oil Inventory at 10:30am ET which has not been kind to the bulls the last couple of weeks so be aware that capitulation of momentum may exist today especially given Oil has been in positive momentum mode for 5 of the last 6 sessions. To the short side look for a minimum of 62.125 and ultimately 60.70 Trade with Knowledge! Burr Jennings
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Tuesday, May 15th CPI 8:30am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES M7 (S&P500), ZN M7 (10 Year Note) and QM M7 (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: Strength in the first half hour broke above last Friday and Thursdays highs before relaxing back to below the Friday afternoon low. Yesterdays close has confluence with today's upper .382 and pivot offering a good line in the sand to buy against today with 1519.00 as a minimum profit target. CPI at 8:30am ET will likely dictate price action for the day. Breaking below yesterdays low of 1502.75 and the short side will be favored as long as resistance remains below confluence with 1496.00 as a minimum profit 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes continued selling on Monday breaking and closing below last weeks low. Today the short side is still favored as long as trading below the lower .214 of 107 30/32 but with CPI at 8:30am ET anything could happen so beware a rally especially if the S&P is falling out of bed.
*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 continued to grind higher as it has for the last 4 out of 5 sessions. Today if unable to maintain above the confluence of the upper .214 and the pivot as highlighted above Oil is a short with last weeks low of 60.70 as an ultimate profit target. Momentum is still positive and if confluence maintains support then the buy side is still favored. Trade with Knowledge! Burr Jennings
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Monday, May 14th No Significant Economic Announcements Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES M7 (S&P500), ZN M7 (10 Year Note) and QM M7 (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: Strength at the open turned out to be the low of the day as the S&P mounted a rally that closed at the high of the day. Friday was an inside day which leaves us with the same Fib Grid today. If relative strength remains high today we will likely see a test, if not a break, of last weeks high. Simply put, the buy side is favored above 1510.25 today and the short side is favored below 1504.75 with 1496.00 as an ultimate profit 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes broke above the Fib high only to be defeated from economic announcements that sent Notes back to test the low of the week. Expect this weakness to continue today and this week as long as resistance is offered below the loose confluence of the lower .382 and the Pivot as highlighted above. Look for a break of 107 28/32 and ultimately 107 18/32.
*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 posted an inside day on Friday supported by the upper .382 and the pivot with a positive close that suggests further strength today. Look for support at or above the confluence of today's upper .214 and the pivot to buy against with 62.575 as a minimum profit target. 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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