Market analysis for May 3rd, 2024

Welcome to Friday! Yesterday was a really solid day for us. My net liq was up $7,000. We only got three 0DTE's on, skipping the event contract NDX as the risk/reward wasn't great. Our Bitcoin 0DTE was perfect with 8% ROI. SPX was o.k. with 2.5% and NDX was about 12% ROI. All told we deployed $15,700 of capital for a $1,330 of profit. Our efforts in the scalping room were successful, once again. $1,346 of profit keeps us right on track for a $50,000+ year with that one strategy. Our NVDA position has been sneaky good too. It's helped our net liq by approx. 3k a week for the last three weeks. Combine all that with our earnings trades and weekly setups and its been another good week.

Lets take a look at the markets:

We are building a tightly wound consolidation zone here. The indices look poised for a big "uncoiling". Whether that's up or down remains to be seen. We are back to a buy signal with the futures pushing up overnight. 

We've got NFP out this morning. It's usually a big mover.
08:30 ET
US Nonfarm Payrolls for April
Median Forecast: 240k | Prior: 303k | Range: 280k / 150k
US Unemployment Rate for April
Median Forecast: 3.8% | Prior: 3.8% |  Range: 3.9% / 3.7%
US Average Earnings YoY for April
Median Forecast: 4% | Prior: 4.1% | Range: 4.2% / 4%
09:45 ET
US S&P Services PMI Final for April
Median Forecast: 51 | Prior: 50.9 | Range: 51.1 / 50.9
10:00 ET
US ISM Services PMI for April
Median Forecast: 52 | Prior: 51.4 | Range: 53.5 / 50.5
​

My lean today is bullish.

Our trade docket for today: /HG, AAPL, BA, COIN, CRM, DELL, DIA, GOOG, MSTR, SPX/NDX/Event contract NDX/Bitcoin 0DTE's, ORCL, PFE, SMCI, XBI. Our focus on Fridays is three fold. #1. De-risk the portfolio. #2. Book available profits. #3. Build buying power back for next weeks deployment.

I will skip levels for today as NFP can be as big a mover as Powell speaking and the Algo's will dictate movement. We will stay flexible and focus on our three fold purpose for Fridays. Assuming we get some good results with our 0DTE's today it will conclude another good week. Congrats on your results. Have a great weekend all!