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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!
| _____________________________________________________________________ Friday, May 25th Existing Home Sales 10:00, Bond and Notes Close 2pm 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 N7 (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 hour of trading was faded to a new low on the week and in to the most substantial selling since March. For 2 months selling in excess of 20 points has been a buy opportunity in the S&P. That said, a correct from too far/too fast is not out of the question. With negative momentum on the daily bars look to short resistance that maintains below the confluence of the lower .382 and the pivot as highlighted above with yesterdays low as a minimum profit target and negative momentum on the weekly bars at 1502.50 and/or a break of the last point of significant support at 1496.00 which is the .214 retracement from the high of the year to the low of the year. Above confluence and beware the recurring short squeeze that has led to new highs each week for the past 2 months.
*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 yet rebounded nicely back above Wednesdays low and close suggesting a bottom was put in yesterday. Again today, I am only interested in the buy side in Notes. With confluence at today's Pivot and yesterdays close we have a good line in the sand to buy against. Watch how Notes trade relative to Wednesdays low as well. Support at or above 106 18.5/32 may be a good leading indicator to a rally in Notes. Should substantial selling resume in the S&P we should again see an appreciation in Notes. Look for a break above yesterdays high of 106 27.5/32 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 market
Crude Oil: Oil continued to slip lower yesterday retracing more than 80% of the way back to last weeks low. Today the short side continues to be favored as long as trading with resistance below the loose confluence of the lower .214 and the pivot with 63.225 as a minimum profit target and 62.40 as an ultimate target. Wednesdays low of 65.050 and the lower .382 also share confluence which may offer significant resistance above which all bets off the short side. Trade with Knowledge! Burr Jennings
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Thursday, May 24th Durable Goods and Jobless 8:30, New Home Sales 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 N7 (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 up at the open led to a new high on the week before cratering unexpectedly from ex-Fed Chairman Greenspan comments that saw the S&P break the low of the week posting an outside day. Today the short side is favored as long as trading with resistance below the confluence of the lower .382 and the pivot as highlighted above. Look for a return to 1515.25 minimum.
*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: A gap down at the open was initially bought but was ultimately defeated in the afternoon to a new low on the week and month. Today we have Durable Goods at 8:30am ET which may give Notes the fuel necessary to vault out of the basement. Similar to yesterday, Notes are extremely oversold and a gap down at the open today is a buy as long as trading above the open with a gap fill and positive momentum on the daily bars as a minimum profit target. It is time to go bottom fishing in Notes. I am not interested in the short 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 market
Crude Oil: Oil broke Tuesdays low yesterday only to trade in a tight range for the balance of the day closing slightly higher. Today we have loose confluence at the Pivot, yesterdays close and the lower .382 that if offer resistance Oil is a short candidate. Should yesterdays high be broken today the buy side is favored as long as trading with support above confluence with 67.10 as a minimum profit target. Trade with Knowledge! Burr Jennings
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Wednesday, May 23rd 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 N7 (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: Initial weakness yesterday led to support at the upper .214 and a rally that tested Mondays high before plummeting to the low of the day. Yesterdays price action suggests lower prices today and resistance at or below the loose confluence of the lower .214, lower .382 and the Pivot should be sold short with 1515.25 as a minimum profit target. I am not interested in the buy side at these levels unless a substantial gap down at the open exists in which case the buy side is favored as long as trading above the open.
*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 could not get traction to the upside yesterday and faded to a new low closing poorly at the end of the day. With approaching 2 full points on the Fib Grid, Notes are extremely oversold and a gap down at the open today is a buy as long as trading above the open with a gap fill and positive momentum on the daily bars as a minimum profit target. It is time to go bottom fishing in Notes. I am not interested in the short 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 market
Crude Oil: Oil relaxed on Tuesday holding resistance at confluence and posting an inside day that leaves us with the same trading plan today as yesterday. Oil is a buy as long as trading with support above the loose confluence of the lower .382 and the pivot with 67.100 as an ultimate profit target. A break below Mondays low and the short side will be favored as long as trading with resistance below today's confluence with 63.225 as an ultimate profit target. Trade with Knowledge! Burr Jennings
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Tuesday, May 22nd State Street Investor Confidence 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 N7 (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 flat open led to a rally 6 points higher than Fridays close only to turn and close out the day exactly at Fridays close. Yesterdays price action suggests selling in the S&P today. It is reasonable to assume that coming off a new 52 week high and 7 sessions without negative momentum on the daily bars that we will see a break of yesterdays low of 1526.50 today. Look for the confluence of yesterdays close and last weeks high at 1528.25 and/or the Pivot at 1529.50 to offer resistance to short sell against with last Thursdays close of 1515.25 as a minimum profit 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 broke Fridays low and rallied yesterday closing just off the high of the day. Irrational exuberance was absent from buyers but positive momentum on the daily bars is likely today. The lower .214 is above yesterdays high so as long as trading with support above 107 2.5/32 work the buy side with 107 8.5/32 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 market
Crude Oil:Oil initially held resistance at last weeks high before testing the upper .382 and rallying to new highs in to the close creating an outside day and a new Fib Grid. Today as long as trading with support above the confluence of the upper .382 and the Pivot, Oil is a buy. A gap up at the open that is above yesterdays high of 67.10 and the short side will be favored as long as trading below the open. Trade with Knowledge! Burr Jennings
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Monday, May 21st Leading Indicators 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 N7 (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 up at the open led to support at Thursdays high and ultimately a close at the high of the day. Given we have 6 consecutive sessions without negative momentum, it is reasonable to assume that we will see a capitulation today or tomorrow. A gap up at the open that is above Fridays high of 1528.25 and I will be focused only on the short side with a gap fill and negative momentum on the daily bars as a minimum profit target. Weakness at the open will likely be bought above Fridays high and if then trades lower and offers resistance below fridays high it is also a short opportunity. Look for a return to last Wednesdays close of 1515.25
*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 fall out of bed on Friday easily breaking the April low and posting an extremely overbought condition that should bounce this week. A gap down at the open and the buy side will be favored as long as trading above the open with a gap fill and positive momentum on the daily bars a s a minimum profit target. A break of Fridays low of 106 31/32 that finds support back above Fridays low is a buy for a return to 107 9.5/32 and ultimately positive momentum on the daily bars.
*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 squeezed above Thursdays high on Friday but managed to only close a couple of ticks higher. With over $3 on the Fib Grid we should see at least a small pullback today or tomorrow. A gap up at the open that is above Fridays high and the short side will be favored as long as trading below the open. Fridays close of 65.65 holds confluence with Thursdays high and if offers support Oil should see a move above 66.450. Crude Oil rolls to the July contract (QM N7) today at the open and the June contract expires at the close. 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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