HaiKhuu Daily Report 02/29/2024

Daily Report
Written By Allen Tran

Good morning, and happy Leap Day!!! I hope you traders are feeling amazing and are ready for today! Markets are still looking relatively tough, being down at the moment, but despite this, there should be many great opportunities presented to us across the board. $SPY has remained in an extremely tight range over the previous couple of trading days, so expect difficulties attempting to allocate in these current conditions. Historically, markets have come down on average 0.3% on leap days, so this is not a confirmation of the markets coming down today, but it is something that we should all consider as a possibility today. I would not be overly ambitious to trade with markets being in both extreme greed and confusion.  But this is going to be a trader’s paradise. The traders who capitalize best during times of confusion are going to love this increased volatility as it will bring consistent opportunities to us. 

Continue to tread lightly on these market conditions, but look to realize some gains when you are comfortable and confident doing so! 

Good luck trading today, and let’s see what the leap day has in store for us! 

The updated $SPY daily levels are as follows:
Conversion Line Support: $501.85
Baseline Support: $496.50
Psychological Support: $500
Daily Cloud Support: $476.69

$SPY Daily Candles - [02/28/2024]

Thoughts & Comments from Yesterday, 02/28/2024

Yesterday was a tough day for the overall markets, but it provided us with many phenomenal opportunities to trade. We watched as many traders were able to realize a significant amount of gains by exiting $RIVN contracts for between 50-100% returns in a short period of time and watched as organizations like $GOOGL continued to fall. Opportunities were plentiful as BTC hit a new 52-week high, trading above $64,000, and it was genuinely a great time for many individuals but difficult for others. 

We started the day with $SPY trading at  $505.35, down from the previous close, but market conditions were looking relatively strong as conditions picked up early in the morning with some mild bullish momentum. $SPY rallied to break above $506 and chopped around that level for the majority of the day, making the official high of the day trading at $506.85. We did watch as $SPY sold off slightly after the lunchtime lull, but it quickly recovered in the early afternoon as $SPY recovered and moved back up to test the high of the day.

During the back half of the day, $SPY did come down in the process,  where we sold off slightly, but watched as markets recovered nicely into close, where we ended the day trading at $506.26, down $0.67 for the day, or down approximately 0.13%, with an intraday bullish movement of $0.91. It was an interesting day for the general markets, but it provided us with many opportunities, including $RIVN breaking back above $11.50 for a little bit and $GRYP breaking above $3. 

It was a tough day overall but a beautiful day in terms of the opportunities presented to us! 

Heatmap - $SPY 02/28/2024

Thoughts & Comments for Today, 02/29/2024

Today, hopefully is a better day for the general markets, but I am not confident in these conditions that markets will unfortunately get better. I am expecting to see decreased volume and volatility in the markets as a result of the movement we’ve seen over the previous couple of trading days, but despite this, I do believe that there are going to be many great opportunities being presented to us, where we can easily capitalize on some short term trades, and realize gains consistently throughout the day. 

If you are trading, I would advise you all to be extremely careful and to tread lightly. I am expecting to see a large move coming soon in the markets. It might be today, it might be in the next couple of days, but I am expecting to see the markets make a significant move that we can all capitalize on. In my perfect case scenario, I would love to see $SPY drop down to test the daily conversion line support, allowing us an opportunity to enter in with both confidence and low risk, to ultimately rally and push up heavily afterward. This is obviously a crystal ball prediction and may not realistically happen, but in my perfect case scenario, it is exactly what I want to see. 

Market conditions are still extremely strong at the moment, but we are starting to see weakness being displayed in many of the magnificent seven, and I am not confident that we are able to continually sustain these prices. Many of those organizations are heavily overvalued, and it is a matter of time before they ultimately come down, but it is just a matter of how much higher these organizations can go and what will be the catalyst for everything to come crashing down. 

The biggest thing that you have to do in these market conditions is just continue to practice safe risk management and limit your downside risk. There is a lot of risk involved with allocating here in the markets, mostly if you are attempting to allocate blindly in hopes that market conditions remain optimal. Be smart, be safe, and allocate accordingly. 

For my allocations today, as I have been stating this entire week, I am not looking to allocate too heavily to the markets. I have started to take profit on many of my $RIVN allocations, exiting all of the short-term calls that I am in, and will be looking to simply watch the markets and relax today. I do not have any anticipation of trading today, tomorrow, or the entirety of next week, as I will be taking a short-term mental health break. I’ll still be continually watching the markets. If I do see any opportunities, I will attempt to trade in real-time, but realistically, I do not anticipate actively trading until March 11th. Thank you all for understanding. I’ll still call out opportunities that are presented to me throughout the next week, but I do not anticipate entering or allocating into any positions both for safety and for the sake of rest. 

If I decide to get into any other plays and see opportunities, I’ll announce what I see 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, $GRYP, $BABA, $SMCI, $NVDA, $AMD, $RIVN, $TSLA

LONG OPPORTUNITIES:

  • Long-Term Dividend - $GAIN / $JEPI

  • Long-Term Investment - $KO / $BA

  • Confirmed Re-entry - $RIVN

Economic News for 02/29/2024

  • Jobless Claims - 8:30 AM (ET)

  • PCE Price Index - 8:30 AM (ET)

  • Personal Income - 8:30 AM (ET)

  • Chicago PMI - 9:45 AM (ET)

  • Pending Home Sales - 10:00 AM (ET)

  • Fed’s Bostic Speaks - 10:50 AM (ET)

  • Fed’s Mester Speaks - 2:15 PM (ET)

  • Fed’s Goolsbee Speaks - 5:00 PM (ET)

  • Fed’s Williams Speaks - 8:10 PM (ET)

Notable Earnings for 02/29/2024

Pre-Market Earnings:

  • Best Buy Co (BBY)

  • Dole (DOLE)

  • Birkenstock Holding (BIRK)

  • Polestar (PSNY)

  • Anheuser-Busch InBev (BUD)

  • Bath & Body Works (BBWI)

  • Brink's Company (BCO)

  • Six Flags (SIX)

  • Papa John's International (PZZA)

  • Hormel Foods (HRL)

After-Market Earnings:

  • Zscaler (ZS)

  • SoundHound AI (SOUN)

  • Dell Technologies (DELL)

  • Autodesk (ADSK)

  • Green Brick Partners (GRBK)

  • Hewlett Packard Enterprise (HPE)

  • Veeva Systems (VEEV)

  • Elastic N.V. (ESTC)

  • NetApp (NTAP)

  • CooperCompanies (COO)

Wrap up

This will be an interesting day for the markets. Be smart and safe in these market conditions, don’t get greedy, and make sure to practice risk management. Many traders are going to have difficulties navigating these conditions with confidence, but markets will provide us with many great opportunities to trade and realize gains with ease. Be smart and safe, but look to take advantage of these conditions. 

Good luck trading, and let’s see a once-in-four-year move in the markets!
(Leap day joke if you couldn’t tell)

Allen Tran
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Highlighted Trades - 02/29/2024
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Highlighted Trades - 02/28/2024