HaiKhuu Daily Trading Report

Good morning, and happy NEW YEAR!!! For those who are confused, it is the Lunar New Year, and I wish you all a happy and wonderful New Year! May your year be filled with good health, wealth, and success! This is the year of the Dragon which symbolizes power, good fortune, and strength. Let the strength and power impact the markets, and may they bring us all some good fortune.

Expect market momentum to be relatively slower both today and Monday as a result of the holiday as many people will not be actively trading on either day, resulting in lower volume and active purchasing on top of the fact that $SPY is continuing to inch closer and closer to $500 which is a major resistance level to look out for.

This should be a fun day for the markets regardless, so let’s see $SPY $500 today and print in the process!

Good luck trading, and let’s see what the markets have in store for us!

The updated $SPY daily levels are as follows:
Conversion Line Support: $487.20
Baseline Support: $479.03
Major Psychological Resistance: $500
Daily Cloud Support: $465.13

Thoughts & Comments from Yesterday, 02/08/2024

Yesterday was a confusing time for the markets. For the large majority of the day, we were relatively unchanged and chopped within an extremely small range, and literally within the final candle of the day, $SPY rallied extremely hard to make a new ALL-TIME HIGH. Conditions were difficult to navigate, but there were many great opportunities presented to us.

We started the day with $SPY opening at $498.10, opening black against the previous close, and remained chopping around that point for the large majority of the day. We did watch as $SPY dropped to make the official low of the day trading at $497.26 during the lunchtime lull, but as expected, markets continued to remain relatively neutral as they quickly recovered back to $498. General markets were extremely uneventful on low volume in the markets, but we did watch as $SPY did start to break out of the range leading into power hour, where we did see $SPY start to move up nicely, and made a relative high trading at $498.47. Markets did quickly sell off after making that high, but we did watch as $SPY broke out extremely nicely during the final minute of the day, where $SPY made the official high of the day, and a new all-time high trading at $498.71!

It was a tough day for the markets with an extremely tight range, but that was expected as we knew there was going to be low volume leading into the day, and we are coming up to $SPY $500, so general buying will slow down until we break through that resistance. Regardless of everything, I hope you all did well and were able to realize some gains on a difficult day to trade!

Thoughts & Comments for Today, 02/09/2024

Today is going to be a wild day. We are coming up to $SPY $500 and there is an extremely high likelihood that we can break through and break out as a result of this. I would be overly cautious while attempting to trade, but just know that realistically, there is an extremely high likelihood $SPY tests $500 today, and in the case we break out, a very high likelihood of the markets ripping afterward. I am expecting to see low volume as a result of the Lunar New Year, so breaking through this level will be difficult, but in the case that it happens, we will be in an amazing place to realize a significant amount of gains.

Please be overly cautious while attempting to trade today, I would not attempt to fight this trend, but if we see $500 as a sign of major resistance that we are not able to break through, this is going to be an extremely interesting time as that might be the point where we start to see a major reversal in the markets. We’ve been waiting for some sort of major resistance for the markets to not be able to break through, and this might be it. I would not bet money that this is what causes us to come down as conditions in the markets are strong, but it is a very real possibility that we do reject $500 at least today, and watch as people sell as they lose confidence in the market’s ability to continually break out.

In the case that the markets do break out, expect to see a significant chop at and around $500 as people will be conflicted on their general sentiment causing the bulls and the bears to fight at that level until there is a directional movement. Be careful if you are attempting to join that fight, and please make sure to practice safe risk management.

For my allocations today, as much as I personally want to participate in the battle, I am going to be forcing myself to take a step away from the markets with the plans of making absolutely ZERO trades today as I am celebrating the New Year, and I do not want to put myself in a place where I am losing money today. Yes, this may cause me to miss out on some plays, but I would much rather miss out on a play in the short term than lose money attempting to trade. I do have long allocations I will be watching, but I have zero anticipation of attempting to actively scalp and trade today. I’ll still call out positions regardless, I just will not be personally taking anything either today or on Monday.

If you want to watch any of my allocations, they will be posted live in the HaiKhuu Discord.

My Personal Watchlist:

Note, just because something is on my watchlist does not mean it is a signal to buy or sell any equities

Watchlist:
$SPY, $TSLA, $MSFT, $AAPL, $NVDA, $RIVN, $SMCI

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $KO / $BA
Speculative Re-Entry - $DIS / $RIVN

Economic News for 02/09/2024

None Scheduled

Notable Earnings for 02/09/2024

Pre-Market Earnings:

PepsiCo (PEP)
Canopy Growth (CGC)
Enbridge (ENB)
AMC Networks (AMCX)
Plains All American Pipeline (PAA)
Magna International (MGA)
Newell Brands (NWL)

Wrap up

This is going to be an amazing day for the markets, let’s see what happens here at this major resistance level. We will either reject hard or breakthrough. Expect low volume, which in strong market conditions is bullish, but expect to see a significant amount of difficulties coming as a result of the major resistance at $500. There is a very high likelihood of seeing $SPY breakout today, so let’s see what happens, and let’s have an amazing time in the process. Many traders are going to be pleasantly surprised today, so let’s have some fun and realize some gains!

Good luck trading, and let’s end this week strong with $SPY breaking $500!

Join Our FREE Trading Community!

HaiKhuu Daily Report 02/09/2024