Market analysis for Feb. 8th, 2024

We had an O.K. day yesterday. We brought in some cash flow from the put sides of our 0DTE's but are still working the call sides. NVDA, which seems to giveth and taketh, tooketh yesterday. We'll be in there working that setup once again today.

We have a pretty busy trade docket today with : /MCL, /ZN, DIA, GLD?, META?, NDX/SPX 0DTE's, NVDA, PLTR, PYPL, QQQ/SPY, RUM?, SBUX?,TXT?, WYNN, FSLR an event contract on SP500 and possible pairs trade.

Bullish price action yesterday set the tone all day. Futures are flat to slightly down as I type. DIS hit its turn around goal on top and bottom line earnings yesterday and looks to pop +6% pre market. 

Fed Govenor Kugler said Wednesday that although inflation is displaying clear indications of deceleration, she is not prepared to lower rates yet. Seems rate cuts may be further out than some have hoped but this sentiment is not taking the wind out of the markets sails, just yet. 

Futures are now pricing in a 18.5% chance of a rate cut at the next meeting and a 63.4% chance at the May meeting.

Asian markets continue to rebound on China stimulus.

​Markets continue to be pegged to the buy mode with our technicals.

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We have finally cleared some heavy resistance on both the /ES and /NQ 

The key question today is, can the markets turn this resistance break into solid support and continue higher or do we stall here? 

My key intra day levels are: /ES; 5016/5026/5036/5050 to the upside. 5005/4998/4987/4980 to the downside.
/NQ; 17842/17862/17888/17901 to the upside. 17790/17748/17706/17676 to the downside.