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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 14th Import/Export and Retail Sales 8:30am, IPCU 9:15, Business Inventories and Consumer Sentiment 10:00am ET, Anita's Birthday all day Today! *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z7 (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 was bought yesterday as the new December contract rallied to the 9/4 close before unwinding in the afternoon back to Wednesdays high. Today price action will likely be dictated from the pre-market economic announcements which if disappointing should retreat the S&P to well below yesterdays low. Confluence at yesterdays close of 1498.50 and today's Pivot of 1498.00 offers a good line in the sand to trade against. A gap up at the open is a short opportunity as long as trading below the open with a gap fill and negative momentum on the daily bars as a minimum profit target. A gap down at the open that is below yesterdays low and we may see continued selling as the S&P is quite overbought and due for negative momentum on the daily bars and probability is high that the S&P returns to 1476.25 in the near future. That said, the S&P has recently been bid up in front of key economic announcements and next Tuesdays 2:15pm ET FOMC announcement on interest rates will likely offer a rally if not this afternoon then on Monday.
*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 pulled in as suggested yesterday in DATA MC easily surpassing 109 22.5/32 as the S&P enjoyed a healthy rally. Today's economic announcements will be the primary driver behind price action in Notes. Bad numbers that hurt the S&P will likely help Notes as the treasury bulls are likely to come out in advance of next weeks FOMC announcement. Above 109 27.0/32 and Notes are a buy as long as support exists above this number. Look for positive momentum on the daily bars and a test of this weeks 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 continues to amaze posting a new high on the year, albeit only by a tick. Today as you might imagine, I will once again avoid the buy side as price is now near $7 above last weeks low which is insane but it is what it is. A break above yesterdays high of 80.225 that cannot maintain above that level is also worthy of a short. Weakness at the open that maintains resistance below 78.775 is also shortable. I am not interested in the buy side in Oil at these levels. Trend is clearly up in Oil so if looking to trade with trend, be patient and wait for a pullback on the daily bars.
Trade with Knowledge! Burr Jennings ______________________________________________________________________ Thursday, September 13th Jobless 8:30am, 10-Year Note 1:00pm ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z7 (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: Weakness at the open was bought yesterday to well above Tuesdays high but with sellers at each breakout suggesting we may see a push lower today.The S&P rolls to the December contract (ES Z7) today as the Fib Grid and Pivot Points suggest above with approximately a 10 point premium over the soon to expire September contract. This will leave a gap up on the continuous contract. This gap up has historically always filled since year 2000 so expect a return to 1476.25 in the near future. The buy side is still favored as long as support exists above the upper .214 of 1485.75 with yesterdays high of 1494.50 as a minimum profit target and 1497.00 as an ultimate target. Trading below the afternoon low of 1486.25 and the S&P is in trouble and the short side is favored with a break of yesterdays low of 1480.00 as a minimum profit target and 1468.00 and 1453.50 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 opened strong on Wednesday only to be sold below the lower .214 and Tuesdays low. Today expect Notes to continue selling if the S&P is having a bullish day as long as trading with resistance below the lower .214 and the pivot as highlighted above. Notes are in a bull market so it is reasonable to assume an attempt at a relief rally may occur before the end of the week in which case all bets off the short side above confluence. Again, look for a return to 109 22.5/32 minimum.
*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 catapulted to new all-time highs yesterday and as much as i did not care for the buy side at these levels, traders thru caution to the wind rallying straight up from the open. Today as you might imagine, I will once again avoid the buy side as price is now near $7 above last weeks low which is insane but it is what it is. A break above yesterdays high of 80.20 that cannot maintain above that level is also worthy of a short. Weakness at the open that maintains resistance below 78.775 is also shortable. I am not interested in the buy side in Oil at these levels. Trend is clearly up in Oil so if looking to trade with trend, be patient and wait for a pullback on the daily bars.
Trade with Knowledge! Burr Jennings ______________________________________________________________________
Wednesday, September 12th 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 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 was bought most of the day as traders attempted to fill the gap to last Thursdays close. Today the buy side is still favored as long as support exists above the loose confluence of the upper .214 and the pivot with yesterdays high of 1474.50 as a minimum profit target and a gap fill to 1479.50 as an ultimate target. Trading below the afternoon low of 1462.50 and the S&P is in trouble and the short side is favored with a break of yesterdays low of 1458.50 as a minimum profit target and 1455.25 and 1440.75 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 pulled in finally yesterday off strength in the S&P and will likely continue selling to below yesterdays low if resistance exists at or below the confluence of the lower .214 and the pivot as highlighted above. Notes should revisit the breakout of 109 22.5/32 minimum whereupon they are likely a buy.
*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 again moved higher on Tuesday as shorts continue to get squeezed out. A gap up at the open and Oil is a short. A break above yesterdays high of 78.30 that cannot maintain above that level is also worthy of a short. Weakness at the open that maintains resistance below 77.275 is also shortable. I am not interested in the buy side in Oil at these levels. Trend is clearly up in Oil so if looking to trade with trend, be patient and wait for a pullback on the daily bars.
Trade with Knowledge! Burr Jennings ______________________________________________________________________
Tuesday, September 11th International Trade 8:30am ET Today Please take a moment to remember those that perished 6 years ago 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 was sold to well below Fridays low only to rally back in the afternoon and kiss the high of the day before relaxing in to the close. Yesterdays price action leaves the close just above today's pivot. Today is 9/11 which tends to be bullish historically. International Trade at 8:30am ET will likely set the morning tone. Look for support between the pivot of 1453.50 and yesterdays close at 1455.25 for a move above yesterdays high of 1464.75 and ultimately an attempt to fill the gap from Fridays close at 1479.50. Resistance below 1453.50 and we will likely see yesterdays low of 1440.75 broken.
*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 shot higher yesterday as the S&P fell out of bed. Today we are likely to see Notes relax as rumors of only a 1/4 pint or less Fed cut along with hyper overbought levels should interject some reality in to the treasuries. A gap up at the open and Notes are a short. Be aware that International Trade at 8:30am ET is a market mover and will likely set the morning tone in Notes. A break above yesterdays high of 110 31/32 that cannot maintain above that level is also worthy of a short. Weakness at the open that maintains resistance below 110 16/32 is also shortable. I am not interested in the buy side in Notes at these levels. Trend is clearly up in Notes so if looking to trade with trend, be patient and wait for a pullback on the daily bars.
*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: Weakness at the open was bought and ultimately Oil shot thru the high of last week by a few ticks. Oil should be running out of gas at theses levels given only a tick of negative momentum on the daily bars in the last 13 trading sessions. A gap up at the open and Oil is a short. A break above yesterdays high of 77.60 that cannot maintain above that level is also worthy of a short. Weakness at the open that maintains resistance below 76.725 is also shortable. I am not interested in the buy side in Oil at these levels. Trend is clearly up in Oil so if looking to trade with trend, be patient and wait for a pullback on the daily bars.
Trade with Knowledge! Burr Jennings ______________________________________________________________________
Monday, September 10th No Significant Economic Announcements 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 disappointing Employment report on Friday offered a gap down at the open that was initially bought in to and ultimately sold. Today we should see continued selling or an attempt to fill the gap back to Thursdays close. We have confluence at the pivot and Fridays close which offers a good line in the sand to trade against. To the short side our minimum profit target is Fridays low of 1450.25 and ultimately the previous week low of 1434.75 and 1424.50. Should the bulls take control above 1459.00 look for a minimum profit target of 1467.00 and ultimately1479.50. Economic announcements are relatively light this week. The larger institutional size traders are returning this week from the Labor Day holiday and we should see volume pick up as they get positioned in front of next Tuesdays much anticipated FOMC meeting and 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: A poor Employment report threw Notes in to the stratosphere trading up over a full point above Thursdays close which given Thursday offered a new high on the year was an incredibly impressive and now extremely overbought level. That said, do not expect a retreat in Notes until the S&P recovers from Fridays selling. A gap up today at the open will favor the short side as long as trading below the open with a gap fill and negative momentum on the daily bars as a minimum profit target. Breakouts above the high of the day intra-day will likely be good shorts as well given Fridays overbought levels. I have no interest in 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 market
Crude Oil: After Thursdays big run up, Oil paused posting an inside day on Friday. 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. A gap up at the open that is above Fridays 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 ______________________________________________________________________ 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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