HaiKhuu Daily Report 02/28/2024

Daily Report
Written By Allen Tran

Good morning, and happy Wednesday! Markets are down at the time of writing this report, so I hope you all are ready for what should be an extremely interesting day for the markets. Conditions have been relatively choppy and slow over the previous couple of days as a result of general market confusion when it comes to sentiment and many general difficulties allocating as a result of conditions being too strong, where many organizations are heavily overvalued.  We are starting to come down to the gap that we are filling on the daily, and it genuinely would not surprise me to see if we bounce off of the daily conversion line support, so please look to tread lightly on these current market conditions, and only allocate when you are both comfortable and confident. Many traders are going to over-allocate and have difficulties, and others will be too aggressive for current market conditions. Find a happy medium, protect your bottom line, and just be careful in the meantime. 

Good luck trading today, and let’s see where $SPY goes. 

The updated $SPY daily levels are as follows:
Conversion Line Support: $501.85
Baseline Support: $496.50
Psychological Support: $500
Daily Cloud Support: $476.11

$SPY Daily Candles - [02/27/2024]

Thoughts & Comments from Yesterday, 02/27/2024

Yesterday was a rough day for the markets. There was almost no movement from an open to close standpoint, while intraday, there was an extremely wide V that was created. If you simply followed the momentum on a larger scale, you would have been able to capitalize on the intraday movement, but it was extremely difficult to allocate into the markets with confidence, mostly as market momentum was extremely slow. There were some great opportunities to catch some intraday breakouts with specific organizations like  $AAPL, $META, and $GOOGL, but the majority of traders had a difficult time allocating with both comfort and confidence. Not many traders were able to capitalize on the opportunities presented to us, so hopefully, you all were able to realize gains while trading yesterday! 

We started the day with $SPY opening slightly green for the day at $506.70, up from the previous close, but did not provide the markets with much confidence, as we watched $SPY continue to sell off throughout the entire morning until the lunchtime lull. Conditions were choppy and slow as $SPY dropped around 0.3% in the first four trading hours. Momentum was slow, and there was not much opportunity. If you were bearish, you were able to realize a minimal amount of gains, and if you were bullish, you were able to minimize your losses. 

Not much happened in the first half of the day, but thankfully, once we hit a bottom in the afternoon, it was a clear reversal from the bottom. $SPY made the official low of the day trading at $504.75, and pushed up nicely into close. $SPY recovered roughly 0.4% in the afternoon, making the official high of the day trading at $507.16, and ended the day trading at $506.93, up $0.94 or roughly 0.2% from the previous close, with an intraday bullish movement of $0.23. 

It was genuinely a tough day for the markets despite having some ever-so-slightly bullish movement. There were only a few good opportunities to realize gains while trading yesterday, so I hope you all did alright despite conditions not remaining optimal and were able to realize some gains. 

Heatmap - $SPY 02/27/2024

Thoughts & Comments for Today, 02/28/2024

Today is going to be a confusing day for the markets.  To not sugar coat things, either we are going to watch as the markets nicely rebound here, or watch as $SPY continues to sell off as a result of general market sentiment being weaker. It would not surprise me if $SPY ultimate comes down to test the daily support. Market conditions are still extremely strong in the grand scheme of things, but here, in the short term, we are seeing many difficulties that realistically can cause us to come down. I do not suggest being hyper-aggressive right now, and would suggest that you simply look to follow the general market momentum. Look for opportunities to capitalize on confidence in the markets and simply follow the trend. There is no reason to attempt to be overly aggressive or greedy. Make sure to practice safe risk management and limit your downside risk. 

Unless GDP during the pre-market session impacts the markets heavily where everything is extremely bullish as a result, I would not suggest that many people attempt to trade today until we see an increase in both volatility and momentum. Assuming that the markets react the same way that they did yesterday, I am expecting to see lower volatility and chop, where if you are able to ride the direction of the overall markets, you’ll be fine, but the gains generated will not be significant at all in any way shape or form. There may be opportunities to continually scalp throughout the day, but realistically, with the way the markets stand, I would not be overly ambitious to trade and would simply hold some allocations and be both comfortable and confident with those positions. 

For my allocations today, I honestly do not anticipate allocating too heavily if at all, and do not plan on scalping or day trading. If there is an opportunity, I will take it, but going into open at the time of writing this report, I am not comfortable nor confident in my ability to navigate these market conditions. I am expecting to see low volume and volatility today in the markets, but things can very easily change on pre-market news. If I do decide to allocate to the markets, I’ll obviously let you all know in real-time in the HaiKhuu Discord, but unless market conditions move up heavily during the pre-market session and provide us with a significant amount of confidence, I do not anticipate entering into anything today! 

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, $TSLA, $NVDA, $GRYP, $GOOG/L, $AAPL, $PANW

LONG OPPORTUNITIES:

  • Long-Term Dividend - $GAIN / $JEPI

  • Long-Term Investment - $KO / $BA

  • Confirmed Re-Entry - $RIVN

Economic News for 02/28/2024

  • MBA 30-Year Mortgage Rate - 7:00 AM (ET)

  • PCE Prices - 8:30AM (ET)

  • GDP - 8:30 AM (ET)

  • Retail/Wholesale Inventories - 8:30 AM (ET)

  • Fed’s Bostic Speaks - 12:00 PM (ET)

  • Fed’s Williams Speaks - 12:45 PM (ET)

Notable Earnings for 02/28/2024

Pre-Market Earnings:

  • Baidu (BIDU)

  • Novavax (NVAX)

  • Advance Auto Parts (AAP)

  • Viatris (VTRS)

  • Global Partners (GLP)

  • TJX Companies (TJX)

  • TD Bank Group (TD)

  • NRG Energy (NRG)

  • SquareSpace (SQSP)

  • EMCOR Group (EME)

After-Market Earnings:

  • Marathon Digital Holdings (MARA)

  • Snowflake (SNOW)

  • Salesforce (CRM)

  • AMC Entertainment (AMC)

  • C3.ai (AI)

  • Paramount Global (PARA)

  • Okta (OKTA)

  • IonQ (IONQ)

  • Duolingo (DUOL)

  • HP (HPQ)

Wrap up

This should be an interesting yet confusing time for the markets. Please be smart and safe in these market conditions, mostly as there is a lot of confusion as well as economic news throughout the day. Protect your bottom line, and don’t be overly aggressive unless market conditions shift. There’s no reason to put your account at risk on a day like today, so simply sit on your hands and look out for opportunities. Seize any opportunities that are presented to us, but do not get greedy. 

Good luck trading, and let’s see where $SPY leads us today!

Allen Tran
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