Market analysis for March 20th, 2024

Yesterday was a stellar day for us. Everything we touched worked well and a couple of trades we've been working really delivered. MSTR could end up giving us $10,000 of profit on a $13,000 trade. It now looks fantastic. NVDA helped our net liq yesterday to the tune of $7,000. Both these trades look like they have a lot more profit potential.
My net liq was up over $12,000 yesterday. Our three 0DTE's combined for $2,316 profit but I was down $709 on scalping.

Today is all about FOMC. There's not a big edge in trying to put up support/resistance levels on a day like today:
Today, all eyes are focused on the Federal Reserve’s monetary policy decision later in the day. With the Fed anticipated to keep rates on hold for a fifth straight meeting, the focus will turn to the central bank’s quarterly “dot plot” and Chair Jerome Powell’s post-decision press conference. The summary of economic projections will unveil whether the recent strong economic data are prompting officials to reconsider their plans to reduce rates or if their outlook for three rate cuts this year remains unchanged.
“We don’t think the Fed will fundamentally change its outlook for inflation based on two hotter-than-desired prints to start the year. However, we do expect a slightly more hawkish tone in the hopes of keeping a leash on financial conditions,” said Christopher Hodge, chief economist at Natixis CIB Americas.

If you are new to our trading room, our approach is to adjust our model portfolio early in the day.
We don't have much of anything that needs attention right now.
We will start an SPX 0DTE with low risk/high reward/low probability/high theta 0DTE like a chicken iron condor or Iron fly. We look to pull this trade as soon as it gets green.
​We then work our oil ladder after oil inventory numbers come out. Then we wait...and sit. FOMC minutes come out at 2:00 pm EST and Powell speaks a half hour later. We usually wait 20-30 minutes into his speech to enter our next 0DTE's. We'll try to get another SPX on as well as NDX and Event contract 0DTE's. These are usually good trading days for us, using this setup.

Trade docket for today: SMCI, /MCL, MU and CHWY earnings trades, MSTR, Possible adds to our SPY/QQQ 4DTE, SPX/NDX,Event contract 0DTE's.