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DATA Morning Call
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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
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| _____________________________________________________________________ Friday, June 8th International Trade 8:30am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U7 (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: Selling continued in the S&P on Thursday as stocks were sold with reckless abandon with the cash S&P breaking below the 50 day moving average. When you take in to consideration that Monday was an all-time high close in the S&P, the last 3 days have truly been significant. A move back to the mid 1400's to fill old gaps up has begun to take shape. An implosion in treasuries sending interest rates higher helped fuel the sell-off much of the day. Today, as long as trading with resistance at the loose confluence of the lower .214 and the pivot as highlighted above, the short side is favored in the S&P. A gap down at the open should offer a buy opportunity but only if trading above the open. If Notes and Bonds continue to sell-off today the S&P will likely remain under pressure.
*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 suggested a high probability buying opportunity in Notes yesterday but persistent selling suggested otherwise. Rumors of a hedge fund or two stuck in long positions sent Notes to the sub-105 level for the first time since last summer. Today weakness should be bought in Notes especially on a gap down at the open that is below yesterdays low as long as trading above the open. Look for a return to Wednesdays close of 105 27/32.
*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: As suggested in DATA Morning Call, Oil continued it's march higher yesterday hitting profit targets and completing the current move up. Today it is likely that Oil will relax and the buy side will be a struggle. Look for a pullback on the daily bars before committing to the buy side again. A gap up at the open that is above yesterdays high will likely be sold in to. The short side will be favored as long as trading below the open off a gap up. Trade with Knowledge! Burr Jennings
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Thursday, June 7th Jobless 8:30am, Wholesale Trade 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U7 (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 down that opened at Tuesdays low was immediately sold in to yesterday closing poorly on the day as well. With 2 gaps down in a bull market we should expect buyers to step up today or tomorrow. That said the S&P was less than 3 points away from breaking last weeks low which has yet to exist since March and is due. Today we roll to the September contract (ES U7) therefore the new numbers above. With negative momentum on the daily bars and low relative strength look for continued selling today with 1527.50 as a minimum profit target and 1522.50 as an ultimate target. Expect buyers to step in at these levels for at least a several point bounce if not a capitulation in the current selling to buying. The high of yesterday afternoon was 1536.50 a tick above today's lower .214 and if breaks above today the buy side is likely favored as long as the Pivot at 1534.50 or above offers support with a gap fill to Tuesdays close of 1549.00 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 found support at Tuesday low yesterday and posted a lame inside day rally in spite of the fact that equities were being sold hard. This is a bad look for treasury bulls in that yesterdays equity selling should have prompted a better response from treasury bulls. That said, continued selling in the S&P today may be what is needed to jump start Notes. I am again focused on the buy side in Notes especially off a weak open which will favor the bulls as long as trading above the open. Again, look for a return to the 106 8/32 area.
*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 trade inside of Mondays range yesterday leaving us with the same trading plan today that continues to favor the bulls. We have loose confluence of the upper .214, the pivot and yesterdays close from 65.625 to 65.950 and area which should offer support for the next leg up in Oil with 66.50 as a minimum profit target and 67.10 as an ultimate target. Trade with Knowledge! Burr Jennings
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Wednesday, June 6th Productivity and Costs 8:30am, 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 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 down at the open ultimately led to selling in the S&P on Tuesday with a half-hearted rally in to the close suggesting we may see a run back to the high of the Fib Grid today. If that is the case the S&P must be trading with support above the confluence of the lower .382 and the pivot as highlighted above with a gap fill to Mondays close of 1540.00 as a minimum profit target. A break above yesterdays high 1537.50 confirms the move. Extreme weakness at the open such as a gap down below yesterdays low of 1527.00 should only be bought if trading with support above the open. Given the current negative momentum on the daily bars, resistance at or below confluence should be shorted with yesterdays low of 1527.00 as a minimum profit target and the old Fib low of 1507.75 as an ultimate target to the short side. Today is the last day of the June S&P contract as the front month before we roll to the September at 9:30am tomorrow. The June contract expires at 9:30am Friday June 15th.
*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 down at the open which should have been an exceptional buying opportunity given the selling in equities. Instead Notes continued to fade to new 2007 low's as there was no love for Notes suggesting somebody is very long, very wrong and liquidating as price descends. With almost 2 full points on the Fib Grid it is reasonable to assume the worst is behind treasuries and at some point a relief rally should get lit. Gaps down at the open are very attractive to buy at these levels as long as trading above the open. Look for a return to the lower .214 of 106 8/32
*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 a slippery inside day on Tuesday having broken the low of the day in the afternoon only to be bought back up. Look for the confluence of yesterdays close, the upper .214 and the pivot highlighted above to buy against today with 66.50 as a minimum profit target and 67.10 as an ultimate target. Oil Inventory at 10:30am ET will likely have a role in directional bias today. Trade with Knowledge! Burr Jennings
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Tuesday, June 5th ISM Non-Manufacturing 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 down at the open held support at Fridays low yesterday ultimately rallying to just below Fridays low posting an inside day and closing slightly positive. The S&P has not posted a lower low and lower high daily bar since 5/24 and is likely to do so today or tomorrow with a gap fill back to last Thursdays close of 1530.25 as a minimum profit target. Negative momentum on the weekly bars has been absent since early March and materializes at 1512.25. Breakouts intra-day have been sold in to for 3 days as the S&P struggles with new 52 week highs suggesting a cycle top similar to the last three at 5/23, 5/9 and 4/26 with the short side favored today as long as trading below the loose confluence of yesterdays close of 1540.25 and today's pivot.
*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 last weeks low and offered a rather lame rally that may finally capitulate momentum to positive today by breaking yesterdays high. Again, look for a rebound in Notes that returns to the current lower .214 of 106 14.5/32 from support at or above the loose confluence of the pivot and 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 continued it's march higher yesterday having yet to pullback even a simple .214 given concerns over supply. That said, a pullback is due and will likely be bought. The buy side is favored today as long as trading with support at or above the loose confluence of the upper .214 and the pivot with yesterdays high of 66.50 as a minimum profit target and the 5/21 high of 67.10 as an ultimate target. Trade with Knowledge! Burr Jennings
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Monday, June 4th Factory Orders 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 signaled a short selling opportunity on Friday and although the short side was favored in the morning, the late afternoon saw buyers once again settle the S&P higher at the close. Today I will be looking for the S&P to relax with the short side favored as long as trading below the loose confluence of today's pivot of 1538.75 and Fridays close of 1539.50 with 1533.00 as a minimum profit target and 1512.50 as an ultimate target. A gap up at the open that is above Fridays high of 1543.00 and the short side will be favored as long as trading below 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 continued to crater off the 8:30am ET Employment Report on Friday taking an oversold condition to lower levels. I am only interested in the buy side in Notes at these levels and a gap down at the open today that is below Fridays low of 105 29/32 should be bought as long as trading above the open. Strength at the open that fades to below Fridays low should be bought if a rebound offers support above Fridays low. Look for a return to the mid 106's.
*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, Oil continued its strength from Thursdays late day rally and it is likely the rally will continue today as long as Oil trades with support above the loose confluence of the upper .214 and the pivot as highlighted above. Look foe a move above last weeks high of 65.275 as a minimum profit target and ultimately a break above 67.10 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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