Market analysis for May 8th, 2024

Welcome back! Yesterday was one of those picture perfect days for us. I redeemed myself from the previous day of letting the NDX profit slip away. Everything clicked for us. Scalping was another blockbuster day. $1,190 gross profit. For most of the day it looked like it was going to be a big "nothing burger" for us. That happens with scalping. I use the analogy of fishing. Sometimes you catch a fish and sometimes you dont but, you NEVER catch anything if you don't put your line in. Since we switched to scalping the QQQ's vs. futures last year scalping has become much more consistent and you simply can't argue with the results. Scalping only twice a week with less than $5,000 of capital has us on pace for almost $55,000 of profits on a rolling 12 month basis. Lately we've talked about expanding the scalping program. It's obvioulsy working extremely well. A simple key to success in life is, "do more of what IS working and less of what is NOT". There are two ways we can expand. We could simply double the capital we are using...go from 5k to 10K. That would put us on pace for over $100,000 a year of potential cash flow. This is an option and, of course, you as an individual would still have the option of scaling to a lower amount if that capital commitment is too large. The other option is to expand scalping to five days a week vs. just two. There are some technical challenges with this as well as the simple time contraints put on me as I'm just one individual. We'll keep working on this but expect some big things with scalping soon! If you'd like to join us and are interseted in one of the most consistent ways to potentially make $500-$1,000 a day in profits come check it out.

As far as the rest of our trades, my net liq was up $8,452 dollars yesterday. To say our 0DTE trades are working is an understatement. We traded all four of our standard setups yesterday with the NDX, once again, pouring on the profits. We are slowly, consistently, methodically marching our way to $200,000 dollars of profit YTD on our cumulative efforts with 0DTE trading. The event contracts and the edition of Bitcoin have helped but it's the NDX that's doing most of the work. This is all being done with approx. $15,000 to $20,000 of capital deployed daily. I'm sure if you searched, there is someone, somewhere doing better than us but I have to say, I'm incredibly satisfied with our results. If you'd like to see us generate these results for free you can jump in for a week and watch.

Lets take a quick look at the markets:
​The good news, if you're a bull is that all our major indices have successfully cleared their respective 50DMA resistance levels. The bad news is that puts us right back into a big consolidation zone.

We are still clinging to a buy rating but it wouldn't take much of a drawdown to give that right back.

Trade docket for today is all about more earnings plays. We have five earnings plays from yesterday that all look like profits for us today. New trades for today: ARM, ABNB, HOOD, AFRM, RUN, BYND, WISH, AMC are all new earnings plays. IWM, LYFT, SPX/NDX/Event contract NDX/Bitcoin 0DTE's, PLTR, RIVN, SHOP, TOST, TWLO, XBI.

My lean today is slightly bearish. I think this consolidation zone holds the bulls at bay for a bit.

Intra-day levels for me:
​/ES; 5208/5219/5226/5232 to the upside. 5195/5189/5176/5163 to the downside.

/NQ; 18150/18174/18199/18248 to the upside. 18070/18047/18024/17982 to the downside.

Bitcoin: We've got about a 5,000 point range. 66,008 resistence. 60673 support.

Lets make it a great day! I think we've got a nice setup for 0DTE's today. Now its on us to make it happen!