Market analysis for Feb. 9th, 2024

We had a pretty solid day yesterday with all three of our 0DTE setups cash flowing. Our event contract was especially nice. If you are not trading event contracts with us I'd highly recommend you check them out. They can provide quite an edge in your results.  We had a full day of scalping. We are now moving to the 1DTE QQQ expirations later in the day. That's helped with gamma as the 0DTE options get to the end of their lifespan. There was just a small profit with scalping but I'm happy with our risk management.

The Market continues to set records with the SP 500. It hit a record high for the ninth time this year. The Dow hit its 10th record close this year. The SP 500 has been chasing the 5000 level for a couple days now. We did hit it yesterday very briefly.  All eyes are on that important psychological level today. 

The "thousand" mark levels are always big in terms of psychology. We hit the 3000 level on 7/12/2019. The 4000 level on 4/1/2021 and possibly today 2/9/2024 we break the 5000 level.

The Nasdaq is still chasing its past years November high but it too is getting close.

​Trends are all still bullish:

Taking a look at the major indices, there's really not too much to discuss. The trend is clear. It's up! 

Its the interest rate sensitive RUT/IWM that is the only laggard.
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One of my all time favorite trade setups is a simple montly swing trade on the VTI. We are off to a nice start this year with this setup and I'm hopeful that the 36%-50% APR ROI potential will be there for us come the end of this year.

My intra day levels for our 0DTE trading: 
/ES: 5020/5036/5050* (big level)/5055 to the upside. 5016/5005/4998/4987 to the downside.
/NQ: 17939/17969/18000* (big level)/18025 to the upside. 17875/17852/17804/17753 to the downside. 

By the way. If you're interested in expanding your trading game, you may want to see what we are doing with scalping.  Our goal this year is to generate $50,000 of profit with $5,000 of trading capital. We are a little behind on our goal so far this year but still very close!