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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 in the e-mini S&P 500 contract 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 and at the same time increase probability of outcome it is possible to trade with a higher percentage 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
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Friday, May 2nd Employment 8:30, Factory Orders 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com
*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 break of Wednesdays low led to an unusually strong rally that had short sellers squeezed out of the FOMC sell-off as Wednesdays high was blown away creating an outside day after an outside day and a new monthly high. Today it is likely that further ascent will be a struggle. I am not a fan of the buy side and if buyers persist today shorting new highs for scalp trades will likely be the order of the day. Weakness that maintains support above the loose confluence of the upper .382 and the pivot should be bought for a profit target of 1412.25 above which expect further ascent to be a struggle. 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 to yesterdays close as a minimum profit target and negative momentum on the daily bars as an ultimate target. Employment at 8:30am ET will likely set the tone for the day. If high relative strength is maintained throughout the day, beware a short squeeze in to the close. Be in the DATA chat room for the latest real-time analysis. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Thursday, May 1st Personal Income and Jobless 8:30, ISM Mfg and Construction Spending 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com
*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 FOMC announcement brought plenty of volatility with a break above the high of the week posting a new high for April only to be sent back down through the low of the week posting an outside day. Today we again have confluence at the lower .382 and the pivot as highlighted above and as long as trading with resistance below this level the short side will be favored with yesterdays low of 1383.50 as a minimum profit target with 1380.50, 1372.00 and 1370.75 as ultimate targets. The days after FOMC we often see a retracement back to the 2:00pm ET close from the day of the announcement which yesterday was 1396.50 which may need to digest before sellers come in with significance. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Wednesday, April 30th ADP 8:15, GDP and ECI 8:30, NAPM 9:45, Oil Invty 10:30, FOMC 2:15pm ET Today *Check this weeks economic calendar by clicking on: www.econoday.com
*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 yesterdays open led to negative momentum on the daily bars which after 90 minutes of selling brought buyers back to challenge the high of the day. A post-3pm sell-off saw a close well below Mondays low suggesting further weakness today. That said, today we have the much anticipated FOMC announcement which is likely to offer bullish price action during the morning session. Look for the S&P to be trading with support above the loose confluence of yesterdays close , the lower .382 and the pivot with yesterdays high of 1398.25 as a minimum profit target and 1404.00 as an ultimate target. I am never a big fan of the short side on FOMC day but should resistance hold below confluence then look for a minimum profit target of 1387.00 with 1380.50 and 1372.00 as ultimate targets. As far as expectations after the 2:15 FOMC announcement - anything could happen! Given that today is the last day of what has been a very succesful month, trading lightly/conservatively today may be prudent. Be in the DATA chat room for the latest real-time analysis. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Tuesday, April 29th Day Before FOMC, Consumer Confidence 10:00am ET Today *Check this weeks economic calendar by clicking on: www.econoday.com
*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: Volatility once again shrank on Monday as the total range of the day was well below 10 points. Strength at the open faded last weeks high but managed to come back and post new highs throughout the day. As suggested in yesterdays DATA Morning Call, further advances above last weeks high would likely be a struggle and we were not disappointed as new high after new high was faded especially in to the close. Today is the day before the FOMC announcement and historically is very bullish especially in the afternoon. A new monthly high posted yesterday suggests bullish expectations are already baked in to the pie. Continue to fade new highs especially late in the morning session as the S&P is overcooked above 1404.00. Yesterdays close suggests weakness today and a break of 1395.25 puts negative momentum back on the daily bars with 1380.50 and 1370.75 as ultimate profit targets to the short side. That said, keep in mind the statistical tendency for the afternoon to be bullish on the day before FOMC with 1404.00 as a minimum profit target. Be in the DATA chat room for the latest real time analysis. Trade with Knowledge! Burr Jennings ______________________________________________________________________
Monday, April 28th No Significant Economic Announcements Today *Check this weeks economic calendar by clicking on: www.econoday.com
*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 on Friday was sold to well below the Thursday afternoon low only to recover and rally for a new high on the week and month closing well within the upper .214 of the current Fib Grid suggesting further strength. We have a week full of important economic announcements (except for today) with FOMC on Wednesday and finishing the week off with Employment on Friday. Today weakness at the open that maintains support above the loose confluence of the upper .214 and the pivot will likely be bought to break above last weeks high of 1400.75 with further advances likely a struggle and ultimately selling that challenges negative momentum on the daily bars. A gap up at the open and the short side is favored especially above 1400.75 as long as trading below the open with a gap fill and negative momentum on the daily bars. Be in the DATA chat room for the latest real-time analysis. 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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