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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 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, August 17th Consumer Sentiment 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 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 down at the open suggested working the buy side but resistance at Wednesdays low pushed the S&P to within a few points of the March low whereupon buyers pushed prices back above the high of the day. A brief but substantial sell-off after Notes closed and the rally resumed easily surpassing the previous close by more than 10 points. Today it is reasonable to assume that yesterdays buying will continue. With 98 points on the Fib Grid the S&P is coming out of an extremely oversold environment and is a buy as long as trading above the loose confluence of the lower .382 and the pivot as highlighted above with yesterdays high of 1433.00 as a minimum profit target and 1472.00 as an ultimate 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 again gapped up yesterday in response to weakness in the equity indexes and ultimately rallied more than a full point from Wednesdays close. Notes are crazy overbought at these levels and will likely implode filling the gap to Wednesdays close at 108 6/32 should the S&P continue to recover today. Even if the S&P continues to fall, further upside in Notes is likely to be minimal. With confluence at the upper .214 and the pivot (a powerful combination in Notes) just below yesterdays close, we have a good line in the sand to trade against today with 108 6/32 as a minimum profit target to the short side and 109 8.5/32 as an ultimate 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 market
Crude Oil: Oil broke Wednesdays low yesterday and the short side was favored as suggested. Oil came within 1 tick of our ultimate profit target and rallied. Today the short side is still favored if trading with resistance below the confluence of the pivot and yesterdays close with 70.075 as a minimum profit target. Be aware that yesterdays defense of 70.075 suggests we could see a capitulation in momentum today and a rally back to Wednesdays close of 73.350 with the high of the week at 74.225 as an ultimate profit target. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Thursday, August 16th Housing Starts and Jobless 8:30am, Philly Fed 12:00pm 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 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: As suggested in yesterdays DATA Morning Call, Tuesdays low and the low of last week were pivotal for both buyers and short sellers as a gap down at the open was initially bought in the morning session with sellers emerging in the afternoon to take the S&P to new monthly lows. Today we have a similar trading plan to yesterday. Strength at the open that maintains below the loose confluence of the lower .214 and the pivot as highlighted above will likely be sold to yesterdays low of 1408.75 minimum. A gap down at the open today that is below yesterdays low of 1408.75 and we will focus only on the buy side as long as trading above the open with a gap fill and positive 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 again traded off the S&P lead yesterday rallying smartly off the weakness offered in equity indexes. Notes will not be able to maintain above the upper .214 should the S&P rally today and the short side in Notes will be favored. A gap up at the open that is above yesterdays high of 108 9/32 and the short side will be favored 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 market
Crude Oil: Oil gapped up and rallied before filling the gap and closing up a dollar. Today look for strength to continue as long as trading above the loose confluence of the upper .214 and the pivot with yesterdays high of 74.225 as a minimum profit target and a gap fill to the 8/3 close at 75.40 as an ultimate profit target. Trading below yesterdays low of 72.40 and the short side will be favored with 71.075 as a minimum profit target and 70.075 as an ultimate target. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Wednesday, August 15th CPI and E.S. Mfg. Index 8:30, IPCU 9:15, Oil Invty 10:30am, 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 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: Strength at the open yesterday was sold in to right from the open and both our profit targets were ultimately hit. Today it is reasonable to assume that selling will continue, but with last weeks low broken yesterday it is also likely that buyers come back in today or tomorrow perhaps aggressively. Last weeks low of 1432.25 will likely be a defining level for bulls and bears. A gap down at the open today that is below yesterdays low of 1430.25 and I will focus only on the buy side as long as trading above the open with a gap fill and positive momentum on the daily bars as a minimum profit target. Strength at the open will likely be sold to below 1430.25 whereupon a resumption of significant selling may exist if the S&P cannot get back above last weeks low.
*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: Weakness at the open led to a strong rally off the back of significant selling in the S&P closing just below our profit target. Momentum is now positive and as long as trading above the upper .214 of 107 24/32 the buy side is favored with 107 30.5/32 as a minimum profit target and 108 2.5/32 as an ultimate target. Notes will not be able to maintain above the upper .214 should the S&P rally today and the short side in Notes will be favored. A gap up at the open that is above our profit targets and the short side will be favored 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 market
Crude Oil: Strength at the open led to a range bound inside day that leaves us with a similar trading plan today. The buy side is favored today as long as trading above the loose confluence of yesterdays close and the upper .214 as highlighted above with 73.20 as a minimum profit target and a gap fill to the 8/3 close of 75.40 as an ultimate target. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Tuesday, August 14th International Trade and PPI 8:30, Redbook 8:55am 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 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 substantial gap up at the open led to a break above Fridays high that by afternoon was faded for a close just off the low of the day. Although momentum has capitulated to positive on the daily bars, relative strength is poor suggesting lower prices today. Trading below 1454.00 and the short side is favored with last Fridays low of 1435.00 as a minimum profit target and 1432.25 as an ultimate target. Above 1464.50 and the buy side is favored with 1472.50 as a minimum profit target and 1510.50 as an ultimate 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 gapped down in response to the S&P gap up but as the S&P faded, Notes rallied to fill the gap. Notes continue to trade within an inverse correlation to the S&P and will likely continue to do the opposite of any substantial move in the equity indexes. Momentum is currently negative and if trading with resistance at or below the confluence of the lower .382 and the pivot as highlighted above the short side is favored with 107 3/32 as a minimum profit target and 106 20.5/32 as an ultimate target. Trading above yesterdays high of 107 19/32 and the buy side will be favored with 107 30.5/32 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: A gap up at the open in Oil rallied to our minimum profit target and faded to fill the gap in the afternoon. Today look for a rally in Oil as long as trading with support at or above the confluence of the upper .382 and the pivot with 73.20 as a minimum profit target and a gap fill to the 8/3 close of 75.40 as an ultimate target. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Monday, August 13th Retail Sales 8:30, Business Inventories 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 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 down at the open led to a rally that filled the gap and kissed the lower .214 before closing below Thursdays low. Today we will look for Fridays selling to continue as long as trading below the confluence of the lower .214 and the pivot as highlighted above with 1435.00 as a minimum profit target and 1432.25 as an ultimate target. Strength at the open will likely be sold in to. Use the open as a line in the sand should a gap up exist. Weakness at the open and buyers will likely step up especially if weakness is at or below our profit targets. Buyers will be trying to bid the S&P above Fridays high of 1468.50 minimum and ultimately last weeks high of 1510.50
*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 continue to reflect the price action in equity indexes as a gap down in the S&P on Friday offered a gap up in Notes. Both gaps were faded and filled. Today it is likely that Notes will continue to trade off the leadership in the S&P as a rally there will more than likely see a continuance of Fridays selling in Notes with 106 20.5/32 as an ultimate profit target. Continued weakness in the S&P and look for Notes to rally with the July high of 108 02.5/32 as an ultimate 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: A gap down at the open was bought Friday with a close at the high of the day. Look for Fridays strength to continue today with the Fib high of 73.175 as a minimum profit target as long as trading with support above the loose confluence of the lower .382 and the pivot as highlighted above. I am not a fan of the short side at this time. Notice how each break below a previous daily low has been bought. Weakness is being accumulated for the next push up in Oil. 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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