HaiKhuu Daily Trading Report

Good morning and happy Thursday! Markets are up beautifully during the pre-market session and it looks like there’s going to be some great opportunities presented to us throughout the trading day. We still have Jerome Powell testifying today, so tread lightly on these market conditions, but look for a chance to capitalize on the opportunities in the markets. $SPY is back above the daily conversion line which is a sign of confidence, but is more so just one of the first things that are necessary to happen for market conditions to remain strong and optimal. This is going to be another very interesting day for the markets, so be cautious, but take advantage of this confidence in the markets, and realize some gains! There is a chance that $SPY makes an all time high trading today, so look to minimize your risk, while increasing your potential to realize gains.

Good luck trading, and let’s see how the markets react today!

The updated $SPY daily levels are as follows:
Conversion Line Support: $509.48
Baseline Support: $498.53
Psychological Support: $500
Daily Cloud Support: $480.52

Thoughts & Comments from Yesterday, 03/06/2024

Yesterday was an extremely tough day to navigate in the markets, but was filled with consistent opportunities. There was a significant amount of chop, but that was expected going into the day. Many people were able to realize gains, while others had a difficult time navigating conditions.

We started the day with market conditions looking strong, with $SPY opening at $510.54. Conditions were looking great, but bearish momentum remained relatively consistent throughout the first half hour of the trading day as we made a relative low trading right under $509 before Jerome Powell started to speak. But as Jerome Powell was testifying, markets continued to rally throughout the rest of the morning into the early afternoon, where $SPY made the high of the day trading at $512.05.

Conditions were looking strong, but as Jerome Powell finished speaking, we watched as the markets quickly sold off, and became extremely choppy. $SPY made the official low of the day trading at $508.43, before recovering slightly into close.

$SPY ended the day trading at $509.75, up $2.57 for the day, or up roughly 0.5%, with an intraday bearish movement of $0.79. It was a tough day to navigate with confidence, but provided us with some amazing opportunities to trade and realize gains. Hopefully, you all were able to capitalize on both the momentum and opportunity that was presented to us. Let’s see what the markets have in store for us today, as this is another day of Jerome Powell speaking!

Thoughts & Comments for Today, 03/07/2024

Today should be another fun time for the markets. At the time of writing this report, $SPY is up nicely and is displaying general confidence during the pre-market session. I am worried that today might be a repeat of yesterday with the markets moving up in anticipation for all of the news and events, continue to rally, only to sell off to make the official low trading right around the open price. If you are trading today, please be careful and cautious as many traders are going to have a difficult time navigating these conditions with confidence.

Despite this warning though, look to take advantage of the opportunities that are being presented to us. $SPY is displaying confidence, and we are back above the daily conversion line. There is confidence in the markets, and as a result you should look to capitalize on the opportunities that are presented. There is a high likelihood that we see the markets break out again today, so if you are attempting to trade, do not get greedy, simply ride the market momentum, and take profit when you are happy.

I am expecting general difficulties again with market conditions remaining relatively lower volume as well as have some irrational movements, but signs are looking strong going into open that there is a high likelihood that the markets break out. Be smart and safe in these conditions, but do what you can to ride this momentum. Do not fight this trend, and look to make longer allocations. Buy with the intention to day trade instead of scalping, and buy undervalued equities while you can.

Yesterday I personally entered into a $GOOGL long position as one of the allocations I do intend on holding. In the short term, the equity has moved down significantly, and I’ve brought up that I’ve been wanting to make an allocation into $GOOGL. I entered into an May 17th $130 Call, and I plan on riding a short term reversal on $GOOGL. If we can see $GOOGL move back up to $135-140, I will be happy and start scaling out of the position accordingly. I do not anticipate on entering into any positions today, nor attempting to scalp, so the results of the positions I am in will dictate my performance in the markets.

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, $RIVN, $GOOGL, $GRYP, $BABA, $SMCI, $NVDA, $AMD

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN

Economic News for 03/07/2024

US Trade Balance (Previous -62.2B, Forecast -61.7B) - 8:30 AM
Initial Jobless Claims (Previous 215K, Forecast 210K) - 8:30 AM
Continued Jobless Claims (Previous 1.905M, Forecast 1.8745M) - 8:30 AM
Fed Chair Powell Continues his Testimony - 10:00 AM
Consumer Credit (Previous 1.56B, Forecast 10B) - 3:00 PM

Notable Earnings for 03/07/2024

Pre-Market Earnings:

Kroger (KR)
Big Lots (BIG)
Burlington Stores (BURL)
American Eagle Outfitters (AEO)
BJ's Wholesale Club (BJ)
Bilibili (BILI)
Ciena (CIEN)
ABM Industries (ABM)
Saga Communications (SGA)
Real Brokerage (REAX)

After-Market Earnings:

Broadcom (AVGO)
Costco Wholesale (COST)
Marvell Technology Group (MRVL)
MongoDB (MDB)
DocuSign (DOCU)
Samsara (IOT)
Gap (GPS)
Funko (FNKO)
Lavoro (LVRO)
Guidewire Software (GWRE)

Wrap up

This will be another fun day for the markets, so look to take advantage of the opportunities and strength in the current conditions, but do not get greedy as market conditions are favorable at the moment, but can very easily shift in the case economic news or Jerome Powell does not react as expected. Tread lightly, but have some fun realizing gains today.

Good luck trading, and let’s see if $SPY can break out!

Join Our FREE Trading Community!

HaiKhuu Daily Report 03/07/2024