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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 31st Personal Income 8:30, NAPM-Chicago 9:45, Consumer Sentiment and Factory Orders 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 V7 (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: Weakness at the open was immediately bought yesterday with a break above Wednesdays high posting a continuance of positive momentum on the daily bars. Today look for continued strength in the S&P as long as trading above the confluence of the pivot and yesterdays close with 1471.50 as a minimum profit target and 1484.00 as an ultimate target. A gap up at the open that is above yesterdays high and the short side will be favored 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 again traded higher yesterday despite the strength in the S&P posting a continuance of positive momentum on the daily bars. Notes have no business trading at these over-inflated levels and a significant correction is coming if not today then early next week. The buy side should be abandoned as of yesterdays close and focus 100% to the short side as continued strength in the S&P will likely break the back of notes and when that occurs, given the extreme overbought level of yesterdays close, we should see notes give back a full point or more. The upper .214 has always been a hyper-sensitive level for treasury traders and a break below that level of 109 17.5/32 that offers resistance should be sold short against with a gap fill to 108 27/32 as a minimum profit target and 108 14/32 as an ultimate target. A gap up at the open today should be sold short with a gap fill and negative momentum on the daily bars as a minimum profit target with 108 27/32 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 market
Crude Oil: Oil continued higher yesterday but was clearly running out of gas as the current Fib Grid extends beyond a week. Today Oil must be trading above the loose confluence of yesterdays close and the pivot to be a buy. Look for the rally to continue with 74.225 as an ultimate profit target. Otherwise step aside and let the inevitable pullback occur and look for buy opportunities next week. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Thursday, August 30th Corporate Profits and GDP 8:30, Help Wanted 10:00, 5-Year Note 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 V7 (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 created 2 points of ascending support above Tuesdays low which led to a strong rally in the afternoon and positive momentum on the daily bars. Today, look for yesterdays strength to continue as long as trading above the pivot at 1457.25 with a gap fill to Mondays close of 1469.75 as a minimum profit target and 1484.00 as an ultimate target. Trading below the pivot and all bets off 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: Strength existed in Notes yesterday despite the lack of significant weakness in the S&P with Tuesdays high easily broken before a retracement to the upper .214 in the afternoon. Today, if the S&P continues to rebound it is highly likely that notes will sell-off considerably and given the overbought condition of notes the short side is favored as long as trading below the confluence of the upper .214 and the pivot as highlighted above with 108 27/32 as a minimum profit target and 108 14/32 as an ultimate target. I am not a fan of the buy side here beyond a quick trade to break above yesterdays high.
*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 smartly yesterday closing just off the high of the day. Today, look for the rally to continue with 74.225 as an ultimate profit target. Yesterdays swing low of 73.025 and today's pivot of 73.100 should offer support for the next leg up and if not all bets off the buy side. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Wednesday, August 29th Oil Inventory 10:30am, 2-Year Note 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 V7 (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 sold against the entire day on Tuesday with a close just off the low of the day after testing last weeks low to within a tick. Today the short side is favored as long as trading below the confluence of the lower .214 and the pivot with yesterdays low of 1434.75 as a minimum profit target and 1424.50 and 1374.50 as ultimate targets. 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes gapped up yesterday off a gap down in the S&P and as the S&P was sold off, Notes were bought to new highs. Today Notes are way overbought due to the demise of the S&P. A rebound in the S&P and Notes will likely fade well below the confluence of the upper .214 and the pivot as highlighted above. Should the S&P continue to fall out of bed and Notes find support at or above confluence then we should see yesterdays high of 109 17.5/32 minimum. 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 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 broke above Mondays high yesterday only to fade to a negative close. Today the buy side is favored only if trading above the confluence of yesterdays close and today's pivot with 74.225 as an ultimate profit target. Should oil break yesterdays low of 71.20, the short side is favored with 70.20 as a minimum profit target and 68.65 as an ultimate target. Oil Inventory at 10:30am ET will likely rock the market today. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Tuesday, August 28th Consumer Confidence 10:00am, 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 V7 (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: Weakness at the open was sold in to yesterday as the S&P maintained below the open the entire day closing just off the low posting an inside day. Momentum is still positive on the daily and weekly bars, but as suggested earlier, the S&P is due for a pullback and today may be the day. Fridays low of 1463.75 and the gap fill to the 8/21 close of 1450.25 are minimal profit targets today as long as trading below today's pivot as highlighted above. FOMC minutes at 2:00pm ET are likely to rock the boat 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: A gap down at the open was bought yesterday to well above the upper .214 suggesting we may see further strength today in Notes. Notes are a buy above the confluence of the upper .382 and the pivot as highlighted above with 108 29.5/32 as a minimum profit target and 109 6.5/32 as an ultimate target. Notes may be further bolstered by selling in the S&P which is overdue. FOMC minutes at 2:00pm ET are likely to rock the boat 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 found support at confluence yesterday breaking well above our minimum profit target and closing just off the high of the day. Today the buy side is still favored as long as trading above the confluence of the upper .214, Fridays high and the pivot as highlighted above. Look for 74.225 as an ultimate profit target. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Monday, August 27th New Home Sales 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 V7 (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 flat open on Friday led to a rally off the only negative momentum 30 minute bar of the day closing at the high of the day. The S&P is extremely overbought at Fridays close and the buy side is likely to struggle this week. A gap up at the open today would favor the short side with a gap fill and negative momentum on the daily bars as a minimum profit target and a gap fill to last Tuesdays close of 1450.25 as an ultimate target. I am not a fan of the buy side at the current level. Weakness at the open that rallies to break above Fridays high of 1484.00 that fails to maintain above 1484.00 is also a short opportunity.
*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 only to fade in to the close giving us a mixed message today. Above the confluence of the upper .382 and the pivot as highlighted above and the buy side is favored with 108 29.5/32 as a minimum profit target and 109 6.5/32 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 market
Crude Oil: Oil held confluence and rallied on Friday as suggested in DATA Morning Call. Today look for Fridays rally to continue as long as trading above the confluence of the upper .214 and the pivot as highlighted above with 71.750 as a minimum profit target and 74.225 as an ultimate target. 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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