Market analysis for May 21st, 2024

Welcome back traders! Yesterday was an "O.K." day. My net liq ended down $541 dollars. It bounced green/red all day long. We only got three 0DTE's on but still managed to squeeze our $1,000/day profit goal out.  The SPX only had $1,437 of buying power but generated $120 profit. NDX Had $900 of buying  power but hit for $850 profit and our Bitcoin had $1,038 buying power and hit for $61 profit. We are geared up for NVDA earnings Weds. and that's putting a sqeeze on my buying power as I,V. ramps into it.

Our trade docket today: VTI?, DELL, DIA, DIS, FSLR, MSTR, NVDA, ZM, TOL, GME, AMC

Lets take a quick look at the markets:

We continue the churn here at the ATH's for most of the indices. These are the hardest levels for me to read. Everything is clearly bullish. We have bullish Zebras on with our 4DTE SPY/QQQ setup but...I don't think any of us should be surprised if we get a 3-4% retrace. Be prepared for movement either way. We never sit at ATH's for long. It either recharges and bases here for another push up or it retraces but I doubt we consolidate here for much longer. NVDA's earnings after the close tomorrow could be the catalyst.

​08:30 ET
Canadian CPI for April
YoY – Median Forecast: 2.7% | Prior: 2.9% | Range: 2.9% / 2.6%
MoM – Median Forecast: 0.5% | Prior: 0.6% | Range: 0.7% / 0.4%

Speakers
09:00 ET
Fed’s Barkin gives welcome and opening remarks at the Richmond Fed’s Investing in Rural America conference. Text release is still to be determined, there will be no Q&A.
Event Details Here
Fed’s Waller speaks on his outlook for the US economy and monetary policy.
Text & Q&A are both expected.
Watch Here
09:05 ET
Fed’s Williams gives opening remarks at the 2024 Governance and Culture Reform Conference.
No text or Q&A are expected.
Event Details Here
09:10 ET
Fed’s Bostic offers brief welcome remarks on day 2 of the Atlanta Fed’s Financial Markets Conference.
Watch Here
11:45 ET
Fed Vice Chair for Supervision Barr will discuss the economy, lessons learned from the 2023 liquidity crisis, and regional banking supervision in a fireside chat at the 2024 Regional State Member Bank Director and Executive Conference.
No text is expected, though there will be a Q&A.
Watch Here
13:00 ET
Bank of England’s Governor Bailey delivers a lecture, in honor of London School of Economics Charles Goodhart, hosted by the Financial Markets Group

Let's take a look at my intra-day levels:
/ES; Quite simple for me today: Above 5348 I'm bullish. Belfow 5321 I'm bearish.

/NQ; Same with the /NQ. Above 18791 I'm bullish. Below 18704 I'm bearish.

Bitcoin; Bitcoin appears to be back to bullish mode. Two key levels today. 72412 is upside target. 70625 is downside support.

My bias for today is neutral while everyone awaits the NVDA shoe to drop.

Yesterday was an erratic day for me. We are now scalping five days a week so that should help smooth out the results for us on an overall basis. I do think if we are patient today we have a decent shot at our $1,000/day profit goal with our 0DTE's if...we can get all four on. We're going to need all of them pitching in today, I believe.
Have a great day! A lot of our "go-to" weekly trades that we put on yesterday came in below our income expectations. Remember to just "trade to trade well" and let the results fall where they may.