Market analysis for March 27th, 2024

Yesterday was a most pleasant surprise. It might have been the day of the year so far that I expected the least. At one point I thought of just skipping the 0DTE's for the day. I.V. was in the tanks and it looked like the day was going to be a big nothing burger. Both those predictions came true however we were able to use some very unique setups to garner some amazing results. 6k in the SPX yielded $998 profit. 4K in NDX hit for $550 profit and the Event contract 0DTE hit for 11% ROI and $100 profit. We made $1,650 dollars on 13K of capital. It really makes the saying true. $1,000 dollars a day keeps the day job away.

Overall it was a great day. My net liq was up $11,700 dollars on the day. A good portion of that was NVDA helping out.

​Markets have now booked three consecutive days of downward movement.

The next real market catalyst should come tomorrow with the PCE data.
It's always interesting to see how the market participants are leaning. Kalshi, our Event contract broker puts up all these stats. 

Markets are back to a slight bullish bias after slipping for three days. 

But the struggle to clear our recent highs continues on all the major indices

Donals Trumps Truth social completed their merger yesterday. New ticker is DJT. The same ticker he rode to bankrupcy previously with his casinos. It popped 50% yesterday and settled up 17%. This is a company now that has an eight billion (BILLION) dollar valuation with a whopping 3.5 million dollars in annual revenue. Its also sporting 49 million in annual losses. We've had great success in shorting DWAC. We'll continue that process today on DJT. It also appears the the "meme" has been taken out of the grand daddy of meme stocks, GME. We placed an earnings trade on it yesterday that looks like a nice profit for us today. In terms of meme stocks, GME doesn't have the juice anymore. 

In fact, our BA trade has more meme interest.
My feeling on the market today is more of the same from yesterday. Futures are up as I type and with three consecutive down days and no substantive, pre-planned news items I would expect an upswing today but markets are really just biding time until PCE is released.  We do have oil inventory out today. Normally we use Thurdays as the day to adjust our ladder trades but with the shortened holiday week, that will come today and oil is on that list. 
10:30 ET
Weekly EIA Crude Oil Inventories
The US Weekly Energy Information Administration Crude Oil Inventories report provides information on the total stockpile of crude oil in the United States. It includes data on the changes in crude oil inventories, indicating whether there has been an increase or decrease in the amount of oil held in storage. This report is crucial for assessing supply and demand dynamics in the oil market and can influence oil prices.
What to Expect
A significant build-up in inventories may indicate oversupply, putting downward pressure on prices, while a decline may suggest increased demand, potentially impacting prices in the opposite direction.

My lean today is neutral:

Trade docket for today:
DJT, GME, RUM, CCL, WBA, HUT, GLD, GOOG, IWM, MSTR, QQQ?, SPX/NDX/Event contract 0DTE's.

My intra-day levels:
/ES; 5285/5290 (PoC)/5300/5310 to the upside. 5227/5271/5263/5248 to the downside
/NQ: 18550/18561 (PoC)/18606/18658 to the upside. 18507/18481/18447/18365 to the downside.

The purple line on both the /ES and /NQ is the PoC (point of control) ​The PoC represents the price level at which most trading activity has occurred, indicating the highest liquidity and traded volume. I would not be surprised one bit if we finished the day close to this level.