Market analysis for May 29th, 2024

Yesterday was an interesting one for me. One of the benefits of having a set playbook is that you get a pretty good idea of what trades you'll be looking at each week. Tuesdays implied volatility, or lack thereof, indicated that would be a tough go this week. Most all of our ladder trades and weekly strangles just don't have enough juice in them to make sense from a risk/reward ratio. I've lowered my income goal this week to just $5,000 dollars and am expecting most all of it to come from our 0DTE's. We'll wait patiently on the rest of out trades until we can get some premium back. Even with 0DTE's it was tough yesterday. We only got two of the planned four on. The SPX and NDX yielded $1,600 in profit. It was enough but not what we wanted. Scalping was a lesson in patience as well. Only two trades. $400 gross profit at the end of it all. NVDA's push up meant we needed to roll the call side out again so the trade continues.
​Let's look at the markets:

The QQQ's continue to hold up well with NVDA strength. SPY is just treading water and the IWM and DIA are in full roll over mode.
Futures are starting to flash sell signals this morning.

Futures look weak in the pre-market.

Our trade docket today is small and focused. We'll look to add to SPY trade and get all four 0DTE's on. SPX and NDX. Event contract NDX and either a Bitcoin or Etherium or possible both. We'll also look for any scalping opportunties.

My lean today is slightly bearish:
​

Intra-day levels for me:
/ES; A couple key levels. 5322 is near term resistance and PoC. This is a key area for the bulls to break through. 5338 would potentially get things moving again for the bulls. 5288 is key support. Next support level is 5263.

/NQ; 18896 is the first upward target. 18983 would break us out to new ATH's. 8732 is support and PoC. 18630 is next support.

Bitcoin;  74,454 is resistance and 66,000 is support. 

Trade safe and trade small. Movement will come back at some point. Remember, sitting on our hands is a skill!