Market analysis for May 14th, 2024

Welcome back to "Trading Tuesday!" Yesterday was a nice start to the week for us. We had all four of our 0DTE setups hit for profit. Our $SPX trade was especially nice with a broken wing butterfly added in later in the day. That yielded a whopping 25% return. Our Bitcoin 0DTE was on point as well. All told, we brought in a profit of over $2,900 dollars on approx. 12k of capital outlay. We continue our consistent, plodding results and are honing in on our goal of over $200,000 profit before the end of June with all four 0DTE's combined. It would be an amazing accomplishment if we could finish the year with over $400,000 profit utilizing 15K-20K in capital. If you are interested in starting 0DTE trading or already trading but the setups you are using aren't yielding at least $1,000 a day of potential profit, I recommend you see how we approach things. Our record this year speaks for itself. You can jump in our live trading room for a full week for free. If you continue for the month,go through all the training and zoom sessions and don'f find this to be the highest value trading room you've seen, I'll give you double your first months subscription back! I said Monday morning we are setting a goal for $10,000 dollars of profit this week from our four 0DTE's. I also said to check back on Friday and see how we did. Who knows where we end up but we are off to a good start, up almost 3k on Monday.

 Today we'll be in our live scalping room. We use a unique set of indicators as well as a live order flow audible stream to trade price action. This program has been far and away, much more successful than we hoped or anticipated, so much so that we are working this week to expand it to five days a week. Our goal at the end of last year seemed a stretch. We wanted to generate $50,000+ of profit over 12 months, scalping twice a week with less than 5k of capital. Not only are we on track to beat that goal but we've only be using approx. $3,800 of capital to do it. Well..This Weds. we will attempt (I say attempt. There may be some hickups at first) to roll the program out to five days a week! Does this mean we are changing our goal to $100,000+ of profits on a rolling 12 month basis? Yes...yes it does! If you are either serious about your trading or, you're interested in becoming a full time trades but don't know how to make the leap to a potential six figure income, you owe it to yourself to see how we are accomplishing this. One day in the scalping room should be enough to get you hooked on scalping.

One of the benefits of scalping is that it doesn't take a ton of capital to be able to generate six figure results. Capital is a challenge for all of us, myself included. None of us have enough of it. Prop trading is a great way to go. The prop firm gives you a series of tests to pass to verify that you won't blow yourself up. Once you pass you get access to up to $250,000 dollars of the firms capital to trade. You keep 90% of the profits and they take all the risk. This is something I recommend every trader do. It's a tremendous training. 

While I'm on the topic of tools to help you trade well, I keep getting inquires as to how we are trading Bitcoin 0DTE's. It is a separate trading platform but its absolutely free to sign up and you can get started trading with as little at $20 dollars so again, if you are serious about trading and want to see how average 9% returns daily on Bitcoin go here and sign up for free:

Let's get into the markets for this Tuesday:
Coming up from the Federal Reserve on Tuesday, 14 May 2024. Powell will be the focus:
1310 GMT / 0910 Federal Reserve Governor Lisa Cook speaks on growth and change at community development financial institutions at "Expanding Access to Capital for CDFIs," hosted by Federal Reserve Bank of New York
1400 GMT / 1000 US Eastern time Powell participates in a moderated discussion with De Nederlandsche Bank (DNB) President Klaas Knot (Knot is an ECB rate setter) at annual general meeting of the Foreign Bankers’ Association

In addition to Powell speaking, we have PPI numbers out before the cash open. 
If you want to follow the PPI numbers release live, you can do so here:

Markets put in another day where they looked tired.

The squeeze is definitely on! On the support side we have the 50DMA. On the resistance side we have some hangover from the previous highs of the year. The markets getting pinched and that only lasts for so long. At some point, we'll break out. Trending markets tend to be easier to trade from a risk perspective vs. a consolidating one. Be on your toes for that break in price action.

In terms of market breadth, the number of new highs vs. new lows is still impressive but, more and more individual stocks are slipping back below their 50DMA. 

As I mentioned, yesterday was a whole lot of nothing.

Meme stocks are back! Look at the names of the two most searched tickers from yesterday. You should recognize them. We put a GME trade on yesterday and will see what we can do with AMC today.

One ticker I'd keep an eye on is utilites. This is a "safe haven" sector that money flees to when risk-off is the move. It's been pumping lately.

Our Trade docket for today: CVNA, /HE, BA, BABA, GRPN, HD, MSTR, SPX/NDX/Event contract NDX/Bitcoin 0DTE's, SMCI, AMC, GME, BB and a new Theta Fairy prior to PPI release.

No bias lean for me today with PPI and Powell being the main drivers.

My intra-day levels will be from the daily charts today with only resistance/support. PPI will likely be the driver today.
​/ES; 5326 is resistance. 5115 is support and the PoC.

/NQ; 18572 to the upside and 18102 to the downside. (this is 50DMA)

Bitcoin; 66000 to the upside. 60656 to the downside. 

Let's hope we get some movement today we can capitalize on. Have a great day folks.