Market analysis for June 6th, 2024

6/6/2024

Welcome back traders! Yesterday was a mixed result day for me. Scalping was a bust and while we made money overall on our seven 0DTE's we rolled two of them.

NVDA also hurt my net liq. We've rebalanced our setup. At this point, I'll probably be in this trade until I die! Some interesting stats on Nivdia, with yesterdays surge they have overtaken Apple as the most valuable company in the world. Three trillion dollar valuation! It's due for its 10-1 split tomorrow after the close. What will that do to the share price?

Generally it's not been positive.

Lets take a look at the markets:
Buy mode is really kicking in now.

Only the DOW is lagging.

Although, it doesn't look like its full "risk on" mode.

Overall market internals aren't the best either if you are bullish

The gains over the last week have been concentrated on some big cap names.

My lean today is neutral after yesterdays pop.

Trade docket for today doesn't look too busy. We should have a nice take profit opening trade on our LULU earnings setup and then mostly focusing back on scalping and the seven potential 0DTE's. The remainder of our model portfolio doesn't look like it should need too much attention today.

On the economic data front, investors will focus on U.S. Initial Jobless Claims data due later in the day. Economists estimate this figure to come in at 220K, compared to last week’s number of 219K.
U.S. Unit Labor Costs and Nonfarm Productivity data will also be closely watched today. Economists forecast Q1 Unit Labor Costs to be at +4.7% q/q and Q1 Nonfarm Productivity to stand at +0.3% q/q, compared to the fourth-quarter numbers of +0.4% q/q and +3.2% q/q, respectively.
U.S. Trade Balance data will be reported today as well. Economists foresee this figure to stand at -$76.20B in April, compared to the previous figure of -$69.40B.

Intra-day levels for me:
/ES; 5369/5373/5378/5411 to the upside. 5353/5346/5338/5323 to the downside.