HaiKhuu Daily Report 02/23/2024
Good morning, and happy Friday! This week has absolutely flown by, and market conditions have been amazing. I hope you all are doing well and have been capitalizing on this beautiful market momentum. $SPY has made a new official all-time high, $NVDA is displaying consistent strength, and there are opportunities consistently being presented to us. Many traders have realized a significant amount of gains while attempting to trade this week, so let’s end this week on a strong note!
$SPY is neutral at the time of writing this report, which is not a sign of weakness, but is not a major sign of confidence. There is a good chance that the markets break out today and display confidence in the process, or we might come down to fill the gap. Regardless of the direction we go, make sure to follow the momentum and practice safe risk management.
Good luck trading today, and let’s end this week strong!
The updated $SPY daily levels are as follows:
Conversion Line Support: $499.50
Baseline Support: $490.46
Psychological Support: $500
Daily Cloud Support: $470.21
$SPY Daily Candles - [02/22/2024]
Thoughts & Comments Yesterday, 02/22/2024
Yesterday was a beautiful day for the markets, conditions were extremely strong as $NVDA pushed the markets to a new all-time high. $NVDA had phenomenal earnings and moved up over $100 in the process, and pulling the market along with it. We watched as telecommunication services underperformed heavily as a result of a nationwide outage and watched as $RIVN hit an all-time low. There were opportunities to capitalize on the markets across the board, and it was just a matter of how you wanted to navigate these conditions.
We started the day with $SPY opening up trading at $503.94, looking extremely strong and quickly pushing to make a new all-time high. It was clear from open that there was a significant amount of bullish momentum in the markets and many great opportunities to trade and realize gains. We watched as $SPY continually made all-time highs throughout the day with no sign of a reversal. It was a perfect day to be a blind bull because we only continued to watch as the markets moved up.
$SPY made the official all-time high trading at $508.48, leading into powerhour, but ultimately stalled out at the end of the day. We watched as $SPY ended the day trading at $507.50, up $10.29 for the day, or up approximately 2%, with an intraday bullish movement of $$7.56. This was a beautiful day for the markets and proved that buying the dip in strong market conditions is a winning strategy.
There was a gap that was created on the $SPY daily as a result of the large movement during the after-hours & pre-market session, but that is nothing of any major concern. Just be aware of this as this gap needs to be filled; it’s just a matter of when that gap will get filled and what will cause it. This should be an extremely fun time, so let’s see where the markets go from here, capitalize on the opportunities available, and have some fun in the process!
Heatmap - $SPY 02/22/2024
Thoughts & Comments for Today, 02/23/2024
Today is going to be an exciting yet confusing day for the markets. There are opportunities across the board to be able to realize gains with ease, but just because there will be opportunities presented to us does not mean that people will be overly ambitious in attempting to trade after an extremely large bullish movement. There is a good chance that the markets will make another all-time high trading today, so navigate these conditions accordingly and look out for opportunities when they are presented to us! Just simply practice risk management and follow the market momentum.
I am expecting to see three types of traders today.
The first traders are the hyper bulls. The people who are extremely bullish regardless of current market conditions, these people will do well assuming that market conditions are favorable but will have a tough time assuming market conditions shift ever so slightly. These individuals may take on too much risk, but assuming conditions are favorable to them, they should not have a difficult time at all.
The second traders are the hyper bears. There are not many of these people left, but they are looking to find the opportunity to capitalize on certain death in the markets. These traders do not perform well in strong market conditions but believe they are onto something the one time they catch a 1-2% downside in the general markets, despite being down 10-20%+ shorting while markets are up. These individuals will be extremely profitable only on the days that the markets move heavily in their favor.
The last set of traders, which I am assuming will be the large majority of individuals who will be reading this, will be the opportunists. You would not classify yourself as hyper bullish or hyper bearish but will be looking to follow the general market momentum and capitalize on the opportunities that are available in real time. I think that these traders are going to be the safest today, but I am also assuming the majority will be extremely confused as a result of these current conditions. I would classify myself as one of these traders. I think it is extremely difficult to want to allocate long into the markets after the markets have moved up heavily, but at the same time, I would be extremely cautious with attempting to short in the markets right now, as we are displaying a significant amount of strength. Regardless of what you ultimately end up doing or decide to allocate into in these market conditions, the biggest thing I would advise is to practice risk management, simply follow the market trends, and realize gains quickly. Do not be overly ambitious to trade and attempt to force any positions, but at the same time, do not be too passive when you are not able to capitalize on the opportunities that are presented to you.
For my allocations today, I will be primarily watching how $RIVN moves. A large portion of my capital is currently deployed, and the majority of the capital that I will be actively watching is in $RIVN. They have dropped heavily recently, and I am looking to capitalize on this bearish movement in the short term. I am excited to see how this allocation works out, either everything works out perfectly and I am able to capitalize on short term opportunity, or I will have my long allocation in $RIVN and will ride the wave. It definitely is a riskier allocation as a result of the current market conditions, but at the same time, it is one of the few opportunities that I am extremely confident in here in the short term. Please be careful if you are allocating into $RIVN, but understand the opportunities that are presented to us today with this position.
I’ll let you all know in real-time when I start entering in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
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, $RIVN, $BABA, $GRYP, $TSLA, $NVDA, $SMCI, $MSFT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $KO / $BA
Speculative Re-Entry - $DIS / $RIVN
Economic News for 02/23/2024
None Scheduled
Notable Earnings for 02/23/2024
Pre-Market Earnings:
Warner Bros Discovery (WBD)
Bloomin' Brands (BLMN)
Docebo (DCBO)
Diana Shipping (DSX)
NW Natural Holdings (NWN)
AerCap Holdings N.V. (AER)
Calumet Specialty Products (CLMT)
Frontier Communications Parent (FYBR)
Gray Television (GTN)
Lamar Advertising (LAMR)
Sunstone Hotel Investors (SHO)
Federal Agricultural Mortgage (AGM)
Allianz SE (ALIZY)
HudBay Minerals (HBM)
E.W. Scripps Company (SSP)
TransAlta (TAC)
Wrap up
This will be a fun day for the markets, and please take advantage of these strong market conditions, but practice risk management in the process. Many traders are going to have a relatively difficult time in these market conditions, and many traders are going to be able to realize a significant amount of gains. Be smart, be safe, and just have a lot of fun trading today. This has already been an amazing week, so continue to realize gains and have a great time!
Good luck trading, and let’s end this week off strong!