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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, July 6th Employment 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 Q7 (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 rallied a tick above Tuesdays high yesterday before retreating well below Tuesdays low posting an outside day. Today we have confluence at the upper .382, the pivot and yesterdays close providing a good line in the sand to trade against. Employment at 8:30am ET will likely dictate the bias today and if resistance exists at or below confluence the short side will be favored. A gap up at the open that is above yesterdays high 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 gapped lower and sold right to the close yesterday retreating to below the 6/7 close which prompted the selling of the S&P off the 2007 high last month. Look for selling to continue in Notes today with the 6/22 low of 104 16/32 as a minimum profit target. The short side is favored as long as trading with resistance below the loose confluence of the lower .214 and the pivot as highlighted above with all bets off the short side should notes rally above this level. Employment today at 8:30am ET will have an impact on Notes so be aware.
*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 gapped up and posted a new 2007 high yesterday before relaxing after Oil Inventory was announced. Oil is still overbought and a considerable pullback is likely and should be waited for before committing once again to the buy side. Be patient. Today we have loose confluence at the upper.214, the pivot and yesterdays close which should offer a good line in the sand to trade against. The short side may well be favored today as oil has become hyper extended to the up side. Trade with Knowledge! Burr Jennings _____________________________________________________________________
Thursday, July 5th ADP Employment 8:15, Jobless 8:30, ISM Non-Mfg 10:00, Oil Inventory 10:30am 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 Q7 (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 on Tuesday offered a break above Mondays high and a strong close at the end of an abbreviated day. With the employment report on Friday it is likely that we see further buying or at least strong prices up until then. The S&P is currently poised to test if not break the June high of 1554.25 as momentum is now positive on daily and weekly bars and relative strength is high. Trading with support above the loose confluence of Tuesdays close and today's pivot and the buy side is favored below which just be patient and wait for relative strength to return to continue working the buy 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: As suggested in Tuesdays DATA Morning Call, Notes were due to run out of gas o and that they did. Look for weakness to continue for the balance of the week especially if the S&P continues to rally. Notes are bearish as long as trading with resistance below the confluence of the lower .382 and the pivot as highlighted above with 105 4.5/32 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 rally on Tuesday breaking to a new high on the week, month and year. Trend is up yet oil is overbought at these levels. Look for oil to pullback on the daily bars before committing to a position trade long. We have oil inventory today which may offer such a pullback. Be patient. Trade with Knowledge! Burr Jennings _____________________________________________________________________ Wednesday, July 4th Independence Day Holiday - U.S. Markets Closed _____________________________________________________________________ Tuesday, July 3rd Factory Orders and Pending Home Sales 10:00am ET Today Notes early close 2:00pm, S&P 1:15pm 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 Q7 (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 in the S&P was supported right at the futures equivalent of the 50 day simple moving average of the $SPX at 1520.75 and as suggested in DATA Morning Call, offered a rally to well above Fridays/last weeks high capitulating momentum to positive on the weekly bars putting the bulls back in control. Today we have an abbreviated session closing at 1:15pm ET and price action will probably be good for the first 2 hours and quiet thereafter. Look for continued strength today as long as trading above the loose confluence of the upper .214 and the pivot as highlighted above with yesterdays high of 1532.75 as a minimum profit target with R1 at 1535.50 a distinct possibility.
*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 rally on Monday breaking well above our profit target of 105 27.5/32 and closed at the high of the day. The buy side will still be favored today as long as trading with support above the loose confluence of the upper .214 and the pivot as highlighted above with yesterdays high of 105 30.5/32 as a minimum profit target. Notes should be getting tired around 106 and if considering positioning long wait for a pullback on the daily bars. A gap up at the open and the short side will be favored as long as trading below the open. Continued upward pressure in equities may put the hurt on Notes as well.
*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 pulled back on the daily bars yesterday breaking Fridays low before rallying smartly above Fridays high posting an outside day. Strong stuff. Although we did get a pullback yesterday that filled the gap back to Thursdays close it was not significant and last Wednesdays close remains unfilled. Oil is a buy only if trading above the confluence of the upper .382 and the pivot as highlighted above with yesterdays high of 71.225 as a minimum profit target. If oil acts weak, let it pullback in the big picture before once again attempting a long position. Trade with Knowledge! Burr Jennings _____________________________________________________________________
Monday, July 2nd ISM Mfg. Index 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 Q7 (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: Another volatile day in the S&P on Friday saw a gap up at the open that easily broke above Thursdays high only to come unglued in the afternoon breaking Thursdays low creating an outside day. Strength in to the close had the cash close at Thursdays low and the Futures at Thursdays close (the close in the chart above is incorrect) at 1517.50 which shares confluence with today's pivot. Fridays price action suggests further selling today as long as trading below the confluence of the pivot and Fridays close with Fridays low of 1504.50 as a minimum profit target and last weeks low of 1494.50 as an ultimate target. Well above the pivot we have the futures equivalent of the 50 day simple moving average in the SPX cash index at 1520.75 (A level defined in the DATA chat room as "pivotal" lately) which shares confluence with the upper .382 as well. If trading with support above this level we will likely see a run for Fridays high (which is the high of last week) of 1530.25 capitulating momentum back to positive on the weekly bars suggesting the bulls are back in control.
*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 Thursdays high on Friday and after only one pullback never looked back. Fridays strength will likely follow through today as long as trading with support above the confluence of the upper .214 and the pivot (a powerful combination) as highlighted above. Again, look for a return to 105 27.5/32
*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 gapped up and broke higher on Friday suggesting a short opportunity to fill the gap back to Thursdays close of 69.60 and ultimately Wednesdays close of 69 even. For buyers it is time to step aside and let Oil inevitably pullback on the daily bars before positioning long again. 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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