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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 20th No Significant Economic Announcements 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 U7 (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 yesterdays open suggested the short side was favored as long as trading below the open. The majority of the day was spent trading within a tight 5 point range with breakouts being sold and breakdowns being bought which was quite uncharacteristic of the S&P given the economic announcements intra-day. Today we have just the opposite scenario in that we do not have any significant economic announcements and with confluence at the upper .214 and the pivot (a powerful combination) as highlighted above, the short side will be favored as long as trading with resistance below confluence with a gap fill to Wednesdays close of 1554.75 as a minimum profit target and 1542.50 as an ultimate target. Continued strength in Oil could trigger selling in equities as we are now $15 above the May low banging on all -time highs. That said, momentum is still positive and if high relative strength resumes, trading with support above confluence and the high of the week at 1566.25 will be our ultimate profit target to 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: Notes gapped down at the open testing Wednesdays low before rebounding and closing just below confluence posting an inside day. Today's pivot is between the upper 214 and .382 and just below the close an area that will likely be a good line in the sand to trade against today. Without any economic announcements today price action may be light. Momentum on the daily and weekly bars is still positive. For the buy side to be favored today Notes must continue to trade above the pivot at 105 21/32 with 106 1/32 as an ultimate profit target. There exists quite a bit of resistance in the 106 area and trading with resistance below confluence may be the beginning of the next leg down which is likely to occur in notes especially if equities continue to regain strength.
*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 on Thursday at the open signaling a short selling opportunity that easily filled the gap to Wednesdays close only to rally back to and close at the high of the day. Again today, a gap up at the open and the short side is favored as long as trading below the open with a gap fill and negative momentum on the daily bars as a minimum profit target. Oil has rolled to the September contract (QM U7). Trade with Knowledge! Burr Jennings ______________________________________________________________________
Thursday, July 19th Jobless 8:30am, Leading Indicators 10:00am, Philly Fed 12:00pm and FOMC Minutes 2:00pm 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 down at the open was initially bought yesterday but resistance at Tuesdays low had price retreat to the 1st of 2 ultimate profit targets. An afternoon rally took the S&P back to just under the high of the day suggesting further strength today. We have confluence at the lower .382 and the pivot today which will likely be a very good line in the sand to trade against. Trading above 1558.00 and we have positive momentum on the daily bars again suggesting the buy side is favored as long as maintaining support above confluence with the high of the week at 1566.25 as an ultimate profit target. Weakness that maintains resistance below confluence and the short side is favored with yesterdays low of 1542.50 as a minimum profit target and 1531.00 as an ultimate target. Philly Fed at noon and FOMC minutes at 2:00pm will likely have a significant impact on trading today 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes found support at confluence yesterday and shot higher breaking well above our ultimate profit target and closing strong at the end of the day. For the buy side to be favored today Notes must continue to trade above the upper .214 and the pivot as highlighted above with 106 1/32 as an ultimate profit target. There exists quite a bit of resistance in the 106 area and trading with resistance below confluence may be the beginning of the next leg down which is likely to occur in notes especially as equities regain strength. Philly Fed at noon and FOMC minutes at 2:00pm will likely have a significant impact on trading today 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 continued to maintain high relative strength on Wednesday posting an inside day which leaves us with the same trading plan today. Although Oil closed reasonably strong yesterday, it is overdue for a significant pullback with Tuesdays low of 73.550 as a minimum profit target and 72.50 as an ultimate target. Trend is up in Oil and significant pullbacks will likely be bought. A gap up at the open that is above yesterdays high and the short side is favored as long as trading below the open with a gap fill and negative momentum on the daily bars as minimum profit targets. The August contract expires today at the close and the September contract (QM U7) becomes the front/active month. Trade with Knowledge! Burr Jennings ______________________________________________________________________ Wednesday, July 18th CPI and Housing Starts 8:30am, 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: Support at confluence led to a rally to within a point of our profit target before turning tail and breaking thru confluence and the low of the day. An afternoon rally broke the high of the day by a tick only to once again turn tail and test the low of the day in to the close posting an inside day. Price action is "toppy" here suggesting a move lower in the near term. As long as trading below the pivot today the short side will be favored with a break below the low of the week at 1556.50 as a minimum profit target and 1546.00 and 1531.00 as ultimate profit targets. CPI at 8:30am ET will likely have a significant impact on price action today. A gap up at the open will offer a short opportunity 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 opened weak yesterday trading inside of Mondays range posting an inside day with a lower close. Momentum is still positive on the daily bars and as long as trading above the confluence of the upper .382 and the pivot as highlighted above and the buy side is favored with Mondays high of 105 20.5/32 as a minimum profit target and 105 28.5/32 as an ultimate target. CPI at 8:30am ET will likely have a significant impact on prices 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 market
Crude Oil: A gap up at the open offered a short opportunity in Oil on Tuesday with a gap fill and negative momentum realized well before the close. Although Oil closed reasonably strong yesterday, it is overdue for a more significant pullback as long as trading with resistance below the loose confluence of the lower .382 and the pivot as highlighted above with yesterdays low of 73.550 as a minimum profit target and 72.50 as an ultimate target. Trend is up in Oil and substantial pullbacks will likely be bought. We have Oil Inventory at 10:30am ET which will likely have a significant impact on price today so be aware. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Tuesday, July 17th PPI 8:30am, IPCU 9:15am, Housing Mkt Index 1:00pm 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 found support at confluence yesterday and rallied 2 ticks above Fridays high and our profit target for the buy side. An afternoon sell-off produced a near identical close as Fridays. Today we have loose confluence between the pivot and yesterdays close. The pivot at 1560.75 will be my primary focus/line in the sand today and given the S&P is due for a pullback and yesterdays price action was clearly a struggle for the bulls, I will focus on the short side as long as trading with resistance below the pivot. That said, we have PPI and IPCU pre-market that will likely have a significant impact on price action. A gap up at the open that is above yesterdays high is a short opportunity as long as trading below the open. Weakness at the open that is bought to support above the pivot is a buy with yesterdays high of 1566.25 as a minimum profit target. To the short side we have a minimum profit target of 1556.50 and ultimate targets of 1543.00 and then 1531.00.
*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 right at our confluence/line in the sand yesterday and rallied 70% of the way back to last weeks high. Today the buy side is favored as we again have a powerful combination of the upper .214 and the pivot with last weeks high of 105 28.5/32 as an ultimate profit target. That said, we have PPI and IPCU that will likely have a significant impact on price action.
*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 advanced to yet another 2007 high yesterday and there appears to be no selling relief in sight. That may change today or tomorrow as Oil approaches $75 and Oil Inventory will tell the inside story of supply at 10:30am ET tomorrow. A gap up at the open today that is above yesterdays high is a short opportunity as long as trading below the open with a gap fill and negative momentum at 73.650 as a minimum profit target. At current levels Oil is a scalp trade to the buy side to break the previous days high. For position traders looking to buy oil, be patient and wait for a proper pullback on the daily bars. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Monday, July 16th Empire State Mfg. Survey 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: Thursdays rally continued on Friday with an advance and close well above Thursdays high. Today we may see a move above Fridays high but be prepared for a struggle. A gap up at the open that is above Fridays high of 1565.75 and the short side is favored as long as trading below the open. Support at or above the confluence of today's pivot and Fridays close will likely be a good buy with Fridays high of 1565.75 as an ultimate profit target which is also R1 which created the high of day on Friday. Earnings will flood the market news this week as well as important economic announcements Tuesday, Wednesday and Thursday. Trend is up but a pullback to 1545.00 minimum is likely this week. The inevitable pullback will likely 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 continued to pull in on Friday but with some reluctance. Trading with resistance below the confluence of the lower .214, the pivot and Fridays close (a powerful combination) and the short side is still favored with a gap fill to Mondays close of 104 27/32 as a minimum profit target and the Fib low of 104 17.5/32 as an ultimate target. Above confluence and all bets off the short 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 market
Crude Oil: With a gap up at the open on Friday, Oil rallied hard to well above Thursdays high and closing just off the high of the day. Volatile choppy stuff lately as concerns over supply threats continue. Oil remains bullish above the loose confluence of the upper .214 and the pivot with Fridays high of 73.975 as a minimum profit target. Be aware oil is due for a proper pullback which will likely fill the gap back to Thursdays close minimum. This pullback will likely be bought. 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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