Market analysis for March 21st, 2024

We had another absolutely stellar day yesterday. FOMC always gives us opportunity and its up to us as traders to maximize what it gives us. We had all three of our 0DTE trades work. 10% ROI on our Event contract 0DTE. 12% on our NDX and 5% on our SPX. MSTR and NVDA added 4k to the the net liq alone. All told my net liq was up almost 6K. MSTR itself is on track to yield over 10K in profits on a 14K investment and we should bring in another 1K today on NVDA. Additionally, we scored 20%+ returns on our 4DTE SPY/QQQ setup with the zebra components really kicking in yesterday.

The market liked what it heard from Powell yesterday. June Nasdaq 100 E-Mini futures (NQM24) are trending up +0.66% this morning as investors cheered forecast-beating quarterly results and guidance from Micron as well as the Fed’s unchanged projection for three rate cuts this year while also awaiting U.S. business activity data and earnings reports from Nike and FedEx. We'll be trading both of those earnings plays as well as LULU.

Technicals continue to show strength.

Here's some interesting data complied by Charlie Bilello.
​The S&P 500 just crossed above 5,200 for the first time. It took 757 days to go from 4,800 to 4,900 and just 56 days to go from 4,900 to 5,200. $SPX

If you trade commodities, which I believe every trader should. It gives you non-equity correlation in your portfolio. You'll see why we like Corn, Wheat and Nat gas at these levels. 

​The S&P 500 closed at an all-time for the 19th time this year after the Fed maintained its projection of 3 rate cuts before year-end. $SPX

Most of the indices we trade are pushing for new ATH's.

My lean today is bullish:

Trade docket for today is: /MCL, CHWY, /ZN, DIA, GLD, IWM, MU, NVDA?, PFE, SBUX, DWAC, SPX/NDX/Event contract 0DTE's, BA. NKE, FDX, LULU earnings trades.

Intra-day levels for me: levels have expanded quite a bit after yesterday.
/ES; 5325/5377//5426/5502 to the upside. 5249/5214/5180/5159 to the downside.
/NQ; 18664/18706/18787/18868 to the upside. 18484/18439/18325/18185 to the downside.