Market analysis for May 24th, 2024

Welcome back traders! Yesterday was a bad one for me. Fortunatley, we don't get many reversal days like we had yesterday. It had a very "FOMC/Powell speech" feel to it. It knocked my net liq for -19K loss. That's two weeks work down the drain. We had some big success' like DIA popping for 3K profit and after three lack luster days in a row, scalping helped out with a nice 2K profit but BA dropping hit for -10K. NVDA looks great for us post earnings but it didn't cash flow for us and dropped -9k. MSTR dropped -2K and SPX dropped -6k. Just too many things all NOT working at one time. Our NDX 0DTE did hit for a nice 3K profit and maybe the highlight (if you can find one) in yesterdays results was that we crossed over 100K in profits YTD with just the NDX 0DTE's. 
Today will be a shortened trading session for me as I'm headed to the airport early for a few days in NYC for a family freinds, daughters wedding reception. 

Let's take a look at the market today:
First off, in a surprise move the SEC approved the Etherium ETF's! The SEC hates crypto and it's primarily public pressure that they are bowing to. The ETF's themselves are not trading yet. It will be a few weeks but the questions everyone has is, will this do for Etherium what it did for Bitcoin? I think it will. It's a good time to hold some crypto (IMHO).
Markets had a big reversal yesterday.

Those are some big red candles. It also puts the IWM and DIA right back to the key support level of the 50DMA (yellow line). Futures this morning are looking up.

A rebound like this, after a sell off like we had yesterday is expected and normal. What we don't know is if it will hold. If we get another fade like we had yesterday it will put us in a solid bearish bias.
NVDA was really the only bright light in yesterdays price action.

We continue to cash flow our NVDA positon and while it didn't produce results for us yesterday, it continues to be right were we want it. The last couple of weeks have been very profitable in this setup and let's hope we can get back to that trend today. 

Our trade docket today is, once again focused on three things: #1. Booking profits on any position we can. #2. De-risking the portfolio from the weeks setups. #3. Getting as much buying power back as we can to set us up to do it all over again next week.
AMC, BA, CCL, DIA?, DIS, FSLR?, GLD?, GRPN?, IWM, MSTR, PYPL? SHOP, SMCI, SPY, WYNN, XBI, WOOF.

As I type, we have a nice little rebound going in the futures. Notwithstanding, I'm looking for more weakness today. I was wrong on my bullish call yesterday. Let's see how todays pans out. 

Intra-day levels for me:
/ES; 5308/5335* (key level. PoC and 50SMA on 2hr. chart)/5348/5369. I believe, if we can't break above and hold 5335 we will have more bearish action

/NQ; 18767/18867/18936/19021 to the upside. 18714/18698*(PoC)/18623/18545 to the downside. 

Bitcoin; 74,417 is resistance. 65,856 is support. 

Have a great three day weekend folks. I know I always come back refreshed after a day away from the screens.