HaiKhuu Daily Report 03/06/2024

Good morning, and happy Wednesday! Hope you all are ready for Jerome Powell testifying today, and are excited to see the markets have an extremely confusing intraday movement. Jerome starts talking at 10 AM est, and as a result, I am expecting to see low volume in the markets, but extremely volatile and momentum based reactionary moves to what he says in real time. It will be an interesting time to watch what Jerome says, but it will be an even more interesting time watching the markets reacting to each statement that is made.

Please be cautious while attempting to trade, and just know that it will be difficult to navigate the markets while this is happening. Tread lightly on these market conditions as it genuinely will be a coinflip on the direction we go. Practice safe risk management, and prepare accordingly.

Just note, $SPY is testing the daily conversion line at the time of this report, and I am expecting to see a large directional move as a result.

Good luck trading today, and  let’s see what Jerome does for the markets today!

The updated $SPY daily levels are as follows:
Conversion Line Support/Resistance: $509.48
Baseline Support: $498.53
Psychological Support: $500
Daily Cloud Support: $479.78

$SPY Daily Candles - [03/05/2024]

Thoughts & Comments from Yesterday, 03/05/2024

Yesterday was a tough day for the markets. There was a significant amount of bearish momentum and it made it almost impossible for any bullish traders to realize any sort of significant gains. Hopefully you all were able to come out of yesterday unscathed, but I know that unfortunately that is not the case for many.

We started the day with $SPY opening red for the day, opening at $510.30, down from the previous close of $512.30. Market conditions were looking rough from the get go, and only continued to display weakness throughout the morning. We did watch as $SPY did pop up on economic news right at 10 AM est to make the official high of the day trading at $510.69, but watched as there was continued selling throughout the rest of the trading day. It was a terrible time, with genuinely no good opportunities to trade or realize any short of significant gains. 

Markets continually fell all the way until power hour, where $SPY made the official low of the day trading at $504.91, before recovering slightly into close. We ended they day with $SPY trading at $507.18, down $5.12, or exactly 1%, with an intraday bearish movement of $3.12. It genuinely was a terrible day to be bullish in the markets, and I hope that again, you all were able to come out of yesterday unscathed. This might be an amazing dip buying opportunity, but who knows if the dip will keep dipping. Let’s see what the markets have in store for us, and prepare accordingly.

Heatmap - $SPY 03/05/2024

Thoughts & Comments for Today, 03/06/2024

Today is genuinely going to be a toss up on the direction that we ultimately go. With the current conditions in the markets, there is an extremely high likelihood that we see a large directional move, but it is just a matter of which direction we will go. The largest catalyst for any sort of movement today will come in real time from Jerome Powell testifying, and as a result, there will be volatile movements in the markets that will make trading extremely inconsistent today.

I am expecting to see many profitable opportunities be presented to us in real time today, but at the same time, I am expecting that the majority of individuals that attempt to trade, will have an extremely difficult time.

If you are attempting to trade today, my recommendation to you is to increase your timeframe. It will be extremely difficult to capitalize on short term opportunities consistently as the markets will act extremely irrational. There may be profitable opportunities presented to us via scalping, but looking to buy undervalued equities in the case theres a quick sell off in the markets, and simply buying with the intension of holding, will make allocating more consistent and less stressful. 

Many organizations are down heavily over the previous couple of days,  so there will be many opportunities to attempt to allocate into equities that are undervalued here in the short term. This could be an amazing dip buying opportunity, but I do want to warn everyone that despite the markets being down slightly, we can continue to watch as the markets fall assuming there is no catalyst for us to reverse. 

My plans for allocations today are relatively simple. I do not plan on allocating today. That is all. I’ll be away for the majority of the day, and with Jerome Powell testifying, I do not want to be overly ambitious and attempt to force a trade as a result. I know I will be missing out on opportunities as a result, but at the same time, I already have depth in the allocations that I am in, where I am comfortable simply riding the exposure I already have in my account. We will see where the positions go over the day, but I simply do not plan on allocating at all in anyway shape or form. 

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, $GOOGL, $RIVN, $AAPL, $MSFT, $SMCI, $NVDA, $GRYP, $BABA

LONG OPPORTUNITIES:

• Long-Term Dividend - $GAIN / $JEPI

• Long-Term Investment - $BA

• Confirmed Re-entry - $RIVN

Economic News for 03/06/2024

• JOLTS Job Openings (Previous 9.026M) - 10:00 AM

• Wholesale Inventories MoM (Previous -0.01%) - 10:00 AM

• Fed Chair Jerome Powell to testify before the Joint Economic Committee - 10:00 AM

• Fed’s Daly Speaks - 12:00 PM

Notable Earnings for 03/06/2024

Pre-Market Earnings:

• JD.com (JD)

• Abercrombie & Fitch (ANF)

• Foot Locker (FL)

• NEUEHEALTH (NEUE)

• REV Group (REVG)

• Campbell Soup (CPB)

• Genius Sport (GENI)

• EVgo (EVGO)

• United Natural Foods (UNFI)

• THOR Industries (THO)

After-Market Earnings:

• TriplePoint Venture Growth (TPVG)

• Victoria's Secret & Co (VSCO)

• Grupo Superbielle S.A. (SUPV)

• Rush Street Interactive (RSI)

• Yext (YEXT)

• Vermillion Energy (VET)

• Black Rifle Coffee (BRCC)

• Infinera Corp (INFN)

• Fortuna Silver Mines (FSM)

• Kodiak Gas Services (KGS)

Wrap up

This will be an extremely fun day for the markets with many great opportunities to trade and realize gains. Please be careful and tread lightly, but look for opportunities. I am expecting to see relatively lower volume and an increase in volatility with the markets today, so be careful and look to ride a momentum based trade. It should be a fun time for the markets, so please be smart and safe in the process, but look to realize gains wherever possible. 

Good luck trading, and let’s see how papa Powell treats the markets today!