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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, September 7th Employment 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 Z7 (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 yesterday was sold to test Wednesdays low which led to a rally to well above Wednesdays high closing below Wednesdays high as traders lacked bullish commitment in front of today's Employment report. Today's price action will be dictated by the Employment report and we have a line in the sand of confluence at the upper .382 and the pivot as highlighted above to trade against. To the buy side look for a gap fill to Tuesdays close of 1489.50 and 1499.25 as an ultimate target. To the sell side we are looking at the Fib low of 1468.25 and a gap fill to the 8/30 close of 1461.25 and ultimately last weeks low of 1434.75
*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 Wednesdays high by a tick and retreated to well below the confluence of the upper .214 and the pivot. Today Notes will be dictated by the Employment report that is either going to send notes thru the floor or the ceiling. We have near perfect confluence at the upper .214 and the pivot but it is unlikely that we will get an opportunity to trade there after the announcement. Look for the high or the low of the Fib Grid to be broken off the announcement.
*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 was initially bought and ultimately sold to the upper .214 before rallying in to the close. Oil is way overbought at these levels and is due to relax. Again, look for Oil to pull in at least $2 before committing to new positions to the buy side. 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 a minimum profit target. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Thursday, September 6th Productivity and Costs 8:30am, ISM Non-Mfg Survey 10:00am, Oil Invty 10:30am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U7 (S&P500), ZN Z7 (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 yesterday was sold to below Tuesdays low but ultimately closed above the low as each break was bought suggesting accumulation is occurring in front of tomorrows Employment report. Today look for yesterdays selling to resume as long as resistance exists below the loose confluence of the lower .214 and the pivot as highlighted above with yesterdays low of 1468.25 as a minimum profit target and 1461.50 and 1434.75 as ultimate targets. That said, should strength emerge especially this afternoon, above yesterday afternoons high of 1478.50 the buy side is favored as long as trading above confluence with a break above yesterdays high of 1482.25 as a minimum profit target and 1489.50 and 1499.25 as ultimate targets.
*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 ripped higher yesterday posting a new 2007 high as the S&P came unglued. Notes are way overbought up here but are also being bought in front of tomorrows Employment report which if yesterdays ADP is of any significance, traders are thinking that tomorrows number will stink. The buy side in Notes is alive and well today as long as trading above the confluence of the upper .214 and the pivot (a powerful combination) below which all bets off the buy side. Yesterdays high of 109 25/32 is the ultimate profit target as Notes are likely to be running out of gas above that level.
*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 on Wednesday and will likely begin to relax today. Weakness at the open should be bought for a breakout of yesterdays high of 75.775 and a gap up at the open that is above yesterdays high should be sold short with a gap fill and negative momentum on the daily bars as a minimum profit target. Oil has 1 tick of negative momentum on the daily bars since the 8/22 low and is due to relax. Look for Oil to pull in $2 or more to commit a new position to the buy side. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Wednesday, September 5th ADP Employment 8:15am, Pending Home Sales 10:00am, Beige Book 2:00pm ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U7 (S&P500), ZN Z7 (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: From the open the S&P was bought yesterday with barely a .214 retracement on the day as higher prices took the S&P back to above the June low. Today it is likely that yesterdays rally will begin to run out of gas. 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 and 1461.50 as an ultimate target. Resistance between the pivot and the upper .214 as highlighted above should also be sold short with a break of yesterdays low of 1473.00 as a minimum profit target and 1461.50 as an ultimate target. I am not interested in positioning to the buy side at this time.
*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 higher but again closed lower on Tuesday as the reality of the equity rally has yet to completely hit treasury traders. Although yesterdays price action left Notes with positive momentum on the daily bars, the weak close suggests lower prices today with the short side favored as long as trading below the loose confluence of the pivot and yesterdays close with 108 24.5/32 as a minimum profit target and 108 14.5/32 as an ultimate target. I am not a big fan of the buy side in notes at this time but if relative strength returns to notes we may see as high as 109 14.5/32 especially if the S&P rolls over and sells hard.
*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 its streak higher on Tuesday having resisted negative momentum on the daily bars since the 22nd of August helped by hurricane fears. Theses fears will likely be unfounded and relaxation in Oil may be imminent. A gap up today at the open that is above yesterdays high and the short side will be favored as long as trading below the open. Look for a gap fill and negative momentum on the daily bars as a minimum profit target. Again, let Oil relax and post negative momentum on the daily bars before committing to the buy side beyond a scalp above the previous days high. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Tuesday, September 4th Construction Spending and ISM Mfg. 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U7 (S&P500), ZN Z7 (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 up at the open on Friday suggested the short side was favored and an attempt to fill the gap was thwarted by an afternoon rally that broke the previous weeks high by 3 ticks. Today the short side will continue to be favored especially on another gap up at the open that is above Fridays high with a gap fill and negative momentum on the daily bars as a minimum profit target. Thursdays close of 1461.50 will likely be traded early this week with a run back to the high of last week as Fridays employment number nears. Strength that breaks above 1484.75 and cannot remain above 1484.75 should also be sold short.
*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 fell out of bed initially on Friday only to rally back to close at the upper .214 suggesting lower prices today. Two weeks from today is the all-important FOMC decision on interest rates and treasuries are clearly betting on at least a 1/4 point decrease and the short side may be quite a struggle until then. The S&P has recovered nicely and Notes have been reluctant to admit all is well and relax. The gap left at last Mondays close of 108 16.5/32 will likely fill this week whereupon the bulls are likely to begin the bidding especially if the S&P appears to be falling out of bed. Notes have rolled to the December contract (ZN Z7).
*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 was faded most of the day on Friday as Oil reached yet another overbought level. Today if another gap up exists at the open 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. To position trade the buy side Oil must pullback at least $1. 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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