Market analysis for Feb. 22nd, 2024

Welcome back! Yesterday was another picture perfect day for us. Two of our three 0DTE's hit for profit and even with letting our NDX go to loss I had an almost $10,000 bump in my net liq. The last two days have been stellar for us. We have a ton of earnings trades we put on with NVDA, RUN, LCID, ETSY, RIVN and they all look set to add to our profits. We also had some of our bigger trades come into line quite nicely as well. The DIA and Gold ladder trades both look great and Nat gas, GOOG and MSTR all improved as well.

While the earnings results were somewhat mixed, the one that matters...NVDA, the one that moves the markets reported and moved higher. 

That was enough to move the futures higher and flipped our temporary "sell" mode right back to "buy".

While the futures shift was big it wasn't enough to set in an "all clear" on the bullish technicals. 

While yesterdays reversal of fortune in the futures. coming off the NVDA high, was a solid move, it simply puts us back to where we were two weeks ago. 

We do have PMI and Jobless claims this morning.

We also have oil inventory out today:
10:30 ET
US Weekly EIA Crude Oil Inventories
The US Weekly EIA Crude Oil Inventories report provides data on the stockpile of crude oil held by US commercial firms over a specific week.
It is released every Wednesday by the Energy Information Administration and is monitored to gauge supply and demand dynamics in the oil market.
This report helps market participants assess the balance between supply and demand, which can impact trading decisions and energy policy considerations.
What to Expect
Changes in crude oil inventories can influence oil prices, as a buildup suggests oversupply or weakening demand, while a drawdown indicates the opposite.
We'll look to add to our oil ladder later today.

Open interest walls have shifted a bit with the upside wall still around 5000 and smaller, multiple put side walls around 4800.
​

It should be an interesting day with our 0DTE setups and Scalping.

Intraday levels for me:
/ES: 5055/5067/5071/5089 to the upside. 5044/5029/5016/5001 to the downside.
/NQ: 17908/17976/18029/18066 to the upside. 17810/ 17773/ 17720/ 17642 to the downside.

Trades on the docket for today:
​CCL, DIA, ETSY, GCT, GOOG, IWM, LCID, META, NVDA, RIVN, RUN, SMCI, SPX/NDX/Event contract 0DTE's.