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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, June 1st Employment and Personal Income 8:30, Consumer Sentiment and ISM Mfg 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES M7 (S&P500), ZN U7 (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 was sold in to on Thursday with a close just below Wednesdays suggesting the air is thin up here for the S&P. That said, momentum on the daily and weekly bars is positive and relative strength is high as the up trend continued yesterday posting a new 52 week high in the S&P. Today we have Employment at 8:30am ET and ISM at 10:00am which will dictate the bias for the balance of the day. We have confluence at the pivot and yesterdays close as a line in the sand to trade against. A gap up at the open that is above yesterdays high of 1538.00 and the short side will be favored as long as trading below the open. Be in the DATA chat room for the latest real time analysis.
*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 Thursday breaking the 2007 low before rebounding and closing below last weeks low. Today we have confluence at yesterdays close and the pivot as a line in the sand to buy against. I am still not interested in the short side at these levels given the oversold condition and the nearly 3 week spread of data on the fib grid. Positive momentum on the daily bars is coming - perhaps today. We have plenty of economic announcements at 8:30 and 10:00am ET to fuel notes either way. A break below yesterdays low and look to go bottom fishing if Notes can trade with support above 106 5.5/32 and if strength exists at the open look for the confluence of yesterdays close and today's pivot at 106 12/32 to offer support to buy against. Notes have rolled to the September contract (ZN U7).
*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 was volatile off the 10:30am ET inventory report yesterday breaking above Wednesdays high and below the low of the week posting an outside day after an inside day and closing at the high of the day. Today look for yesterdays strength to continue as long as support exists above the confluence of the lower .214 and the pivot as highlighted above with last Fridays close of 65.20 as a minimum profit target. Trade with Knowledge! Burr Jennings
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Thursday, May 31st Corporate Profits and GDP 8:30, NAPM-Chicago 9:45, Construction Spending 10:00, 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: A gap down at the open yesterday was bought to the upper .382 whereupon the release of the FOMC minutes at 2pm ET provided the added fuel to launch the S&P to within a point of last weeks high. We have important economic announcements today and tomorrow that will likely dictate the direction of the market for the balance of the week. Clearly traders want to be long in front of theses numbers. Momentum is now positive on both the daily and weekly bars and it appears the equity market is preparing for a new move up. Look for support today between the pivot 1527.00 and the upper .214 of 1529.00 for a break above last weeks high of 1535.75 minimum. A gap up at the open 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 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 to trade inside last Thursdays range yesterday leaving us with the same trading plan as yesterday. Today I will be looking to buy Notes on a gap down at the open or, if sold-off to below last weeks low of 106 13/32 look for a return to support above 106 13/32 to buy for a return to the lower .214 of 106 27.5/32 minimum. I am not interested in the short side at these levels. We have important economic announcements today and tomorrow that will likely dictate the direction of the market for the balance of the week.
*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 rebounded slightly yesterday posting an inside day leaving us with a similar trading plan as yesterday. Today the short side continues to be favored in Oil as long as trading below the loose confluence of the lower .214 and the pivot with a break of 62.40 as an ultimate profit target. Be aware, that due to Mondays holiday, the Oil Inventory report is today at 10:30am ET and momentum could capitulate in favor of the bulls. Trade with Knowledge! Burr Jennings
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Wednesday, May 30th ADP Employment 8:15, 5-Year Note 1:00, FOMC Minutes 2:00pm 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 at the open was ultimately sold against the upper .382 yesterday for a test of support at the lower .214 of the Fib Grid creating a rally that closed within 2 points of the days high. Yesterdays price action suggest higher prices today but given the fact that the S&P is still trading inside of last Thursdays negative momentum bar the short side will be favored if trading with resistance below the lower .382 of 1518.50 with last weeks low of 1507.75 as an ultimate profit target. A break of 1507.75 will post negative momentum on the weekly bars for the first time since March. Expect that weakness to at least initially be bought. If not, the 5/10 low of 1496.00 will likely be broken. FOMC minutes at 2pm ET will likely add volatility 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes faded Fridays close and yesterdays pivot to test the low of last week on Tuesday not giving any sign of an urge to rally posting an inside day. Today I will be looking to buy Notes on a gap down at the open or, if sold-off to below last weeks low of 106 13/32 look for a return to support above 106 13/32 to buy for a return to the lower .214 of 106 27.5/32 minimum. I am not interested in the short side at these levels. FOMC minutes at 2pm ET will likely add volatility today as may the 5-year Note auction at 1:00pm.
*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 a continuance of negative momentum on the daily bars yesterday selling off more than $2 from Fridays close. The short side remains favored today as resistance exist between the Pivot of 63.350 and last weeks low of 63.825 above which all bets off the short side. This is a wide range of resistance that may force unacceptable risk relative to the reward of the 5/9 low of 62.40 which is only ,15 below yesterdays low. Trade with Knowledge! Burr Jennings
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Tuesday, May 29th Consumer 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: Strength at the open offered resistance at the lower .382 and support at the lower .214 posting an inside day and a higher close on Friday. Today with negative momentum on the daily bars the short side will still be favored as long as trading with resistance below the confluence of Fridays close and today's pivot with Thursdays low of 1507.75 as a minimum profit target. A break of 1507.75 will post negative momentum on the weekly bars for the first time since March. Expect that weakness to at least initially be bought.
*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 posted a tight range inside day on Friday yet managed to close above last Wednesdays low suggesting we may see further strength today especially if the S&P continues to sell as it did last Thursday. Look for Notes to be trading above the confluence of Fridays close and today's pivot for the buy side to be favored with the lower .214 of 106 27/32 as a minimum profit target. Should Notes offer resistance below confluence all bets off the buy side unless a break below last weeks low of 106 13/32 occurs at which point bottom fishing to the buy side is again favorable.
*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: Strength at the open on Friday offered a trading range between the lower .214 and lower .382 before closing at the high of the day and posting an inside day. Look for Fridays strength to follow through today as long as trading with support above the lower .214 of 64.525 with last weeks high of 67.10 as an ultimate profit target. Trade with Knowledge! Burr Jennings
_____________________________________________________________________ Monday, May 28th Memorial 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.
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