HaiKhuu Daily Report 03/01/2024
Good morning, and happy Friday! Markets are neutral at the time of writing this report, but I believe we are in for what is going to be an extremely interesting ride. Markets have continually remained strong, but we have seen an almost perfect doji, meaning realistically, if the stars align and astrology technical analysis works, it could be a sign we break out. Obviously, this is all speculative and is not a guarantee by any means, but can be a biased bullish confirmation for those grasping at straws.
Please be careful going into today, and tread lightly on these conditions. I am expecting to see a lot of movement in an extremely short period of time, so have fun, but be safe in the process.
Good luck trading today, and let’s end this week strong!
The updated $SPY daily levels are as follows:
Conversion Line Support: $501.85
Baseline Support: $496.50
Psychological Support: $500
Daily Cloud Support: $478.46
$SPY Daily Candles - [02/29/2024]
Thoughts & Comments from Yesterday, 02/29/2024
Yesterday was an extremely wild day for the general markets. We watched as $SPY dropped extremely consistently before bouncing back heavily, testing the all-time high just a minute before the market closed, and the markets absolutely confused everyone in the process. There were many opportunities to capitalize on both directions in the markets. Markets were up extremely nicely but created a disgusting doji candle in the process.
We started the day with $SPY trading at $507.99, up significantly as a result of the pre-market economic news, which provided us with a significant amount of confidence, but the difficulties started right at open. Because the markets moved up significantly, not many traders wanted to allocate towards the all-time high, and as a result, we saw a lack of buying momentum at open and a lot of profit-taking as a result of the markets moving up so quickly. Due to this, we watched as there was consistent selling throughout the morning, leading into the lunchtime lull, where $SPY went on to make the official low of the day, trading at $505.35. Conditions were not great, but it provided us with an amazing opportunity to short the markets from the top.
Thankfully, after the lunchtime lull happened, the markets recovered nicely, with some strong bullish momentum for the entirety of the afternoon. The markets moved up nicely, and we pushed all the way until 3:57 pm CST, where $SPY made the high of the day, trading at $509.74, $0.39 away from creating a new all-time high, before watching the markets dive into close, ending the day trading at $508, absolutely black from market open. We were up $1.82 from the previous close, or up approximately 0.4%, with absolutely zero movement on an intraday basis.
The last minute of the trading day absolutely wiped out all of the intraday gains that were incurred and were a spectacle to watch in real-time. Hopefully, you all were able to realize a significant amount of gains with ease trading last week, and are excited to see what happens today!
Heatmap - $SPY 02/29/2024
Thoughts & Comments for Today, 03/01/2024
Today is going to be a fun way to end the week. I am expecting to see some general difficulties in the markets, but competent traders should have absolutely no problems navigating at all. I believe there is an extremely high likelihood that $SPY will make a new all-time high trading today, but it is just a matter of conditions remaining optimal and strong. Many of the Mag-7 are looking strong during the pre-market session, and if active purchasing occurs today, then the likelihood of making a new all-time high on $SPY is almost certain.
Don’t be overly bullish or bearish in these market conditions, but look to follow the momentum and look out for opportunities. Many organizations have been trending over the previous couple of days, and semiconductors are displaying a significant amount of strength in these current conditions. We watched as $AMD moved up 9% yesterday and is looking strong during the pre-market session. Be cautious attempting to allocate into trending organizations at these all-time highs, but as a wise man once said, buy high, sell even higher. Limit your downside risk, but follow the trend, and make trading easy for yourself.
There is absolutely zero reason you should be attempting to actively trade any organization that is not actively trending. Unless you are looking to buy and hold value, you should not be watching or attempting to trade a laggard. There are many great value purchasing opportunities in these market conditions, but simply put, all you need to do is simply look to follow the market momentum with one of the many extremely strong organizations that are trending and following the trend. No need to put on a wizard hat and predict what is the next laggard that may start moving. Simply follow the markets, take advantage of these conditions, and realize gains. Keep it simple, and profit in the process.
For my allocations today, I have zero anticipation of entering any position at the moment. This is not due to any concerning reasoning. I just will be taking a short rest period from trading over the next couple of trading days and may be MIA on certain days. I'll call out opportunities that are presented to me, but I just want to thank you all again for understanding during this time! Keep realizing gains over the next couple of trading days without me, have some fun, and print on my behalf!
If I decide to get into any other plays and see opportunities, though, 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, $RIVN, $BABA, $SMCI, $NVDA, $AMD, $TSLA, $MSFT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $KO / $BA
Confirmed Re-entry - $RIVN
Economic News for 03/01/2024
S&P Global US Manufacturing PMI - 9:45 AM (ET)
Construction Spending - 10:00 AM (ET)
ISM Manufacturing - 10:00 AM (ET)
UMich Inflation Expectations & Consumer Sentiment - 10:00 AM (ET)
Fed’s Bostic Speaks - 10:30 AM (ET)
Fed’s Daly Speaks - 1:30 PM (ET)
Notable Earnings for 03/01/2024
Pre-Market Earnings:
fuboTV (FUBO)
inTest Corp (INTT)
RadNet (RDNT)
Wrap up
This will be a fun day for the markets, with many great opportunities to trade and realize gains. Watch out for a $SPY all-time high, and tread extremely lightly during these confusing market conditions. I am expecting to see increased volatility, volume, and momentum in the markets, so tread lightly, practice risk management, and have an amazing time in the process!!!
Good luck trading, and let’s end this week strong!