HaiKhuu Daily Report 03/19/2024
Good morning, and happy Tuesday! One day left until FOMC, meaning there is one more day of confusion to endure before we see a large directional move in the markets. I hope you all are doing well and are excited about these market conditions. Markets are relatively neutral at the time of writing this report, but we have seen the daily conversion line move up slightly, resulting in $SPY trading under this conversion. Many traders are going to have difficulties today as a result of this placement in the markets, but we should all have a lot of fun trading in the process.
As always, make sure to practice risk management and follow the momentum in the markets, but know that realistically, we will see a decrease in volume and an increase in confusion and volatility today before seeing a large directional move tomorrow. Tread lightly on these conditions and practice safe risk management!
Good luck trading, and let’s realize some gains!
The updated $SPY daily levels are as follows:
Conversion Line Support/Resistance: $513.17
Baseline Support: $504.47
Psychological Support: $500
Daily Cloud Support: $488.15
$SPY Daily Candles - [03/18/2024]
Thoughts & Comments from Yesterday, 03/18/2024
Yesterday was a beautiful day for the markets, but traders had a difficult time. There was a nice bullish movement during the pre-market session, and anyone holding positions was up. Market conditions were great, but on an intraday basis, there really was no great opportunity to trade. Conditions were choppy, slow, and slightly bearish. But thankfully, the markets remained nicely green. $SPY opened the day trading at $514.08, up from the previous close on Friday at $509.83.
As I said before, there really was no good momentum to capitalize on on an intraday basis, as $SPY continued to slip throughout the entire day, remaining neutral, choppy, and slightly bearish. The high of the day came in the morning as $SPY hit $515.48 as organizations like $NVDA ran early in the morning, but we watched as $SPY continually sold off throughout the rest of the day, slowly bleeding and making it extremely difficult for any bullish traders to realize any significant type of gains.
It is unfortunate, but regardless, the markets were continually up for the day as a result of the pre-market movement, so we all really cannot be overly upset with the conditions. $SPY did sell off again into close, making the low of the day trading at $512.45. The day ended with $SPY trading at $512.86, up $3.03 or up roughly 0.6%, with an intraday bearish movement of $1.18.
Again, it really was not a fun day to trade, but we did see some large bullish movements happen that were unfortunately sold off, but thankfully, many traders were able to capitalize on the opportunities in the markets and were able to generate both unrealized and realized gains as a result of the bullish movement we saw during the pre-market session. I hope you all had fun trading yesterday, and hopefully, you all were able to maximize the amount of gains you were able to generate!
Heatmap - $SPY 03/18/2024
Thoughts & Comments for Today, 03/19/2024
Today is going to be another day of general confusion in the markets. As I said before, we have FOMC tomorrow, and as a result of that, I am expecting to see some confusion in the markets and many organizations moving irrationally. I am expecting to see some chop as well as relatively lower volume in the markets, so tread lightly if you are attempting to trade and follow the momentum. Many traders are going to have a difficult time today, so don’t get greedy, don’t be irrational, and do not get emotional.
For the large majority of traders today, my advice is going to be the exact same as yesterday. Simply look to ride the momentum in the markets. Follow the trend, look to capitalize on opportunities where present, and do not attempt to catch any falling knives. I am expecting the markets to move more irrationally than yesterday as a result of reallocations for FOMC. As a result, many organizations will present us with great opportunities to trade. Look to seize the opportunities that are presented to us, but tread lightly as the markets are best described right now as an all-you-can-eat buffet. Don’t load up on the cheap carbs, this is the time for us to feast on the crab legs and meat.
One thing I do want to put on your radar as a fair reminder today is that on Thursday (3/21), the Reddit IPO is happening. I will talk more in depth about my plans for allocation on Thursday to plan accordingly. But this is a reminder to prepare accordingly for the IPO. If you need funds to settle, make sure they settle by Thursday, and if you need to transfer in funds to trade the IPO, do the transfer today so funds are accounted for by then. This is going to be a great IPO with lots of potential and momentum. Again, I’ll talk more about this IPO on Thursday but I will keep you all up to date about how to navigate in the next couple of days.
For my allocations today, I will be planning on watching my current positions again. I do not plan on taking on any sort of significant risk in these market conditions, nor do I recommend anyone attempt to do so right now. We have FOMC tomorrow, and I am considering selling a portion, if not all, of my $TSLA at this current price to open up some extra liquidity for the Reddit IPO. I may not be able to trade the IPO due to travel, but I am profitable again on the allocation, where I am genuinely contemplating taking slight gains and moving on with the position. We saw a small and beautiful bounce, so taking profits here and moving on is honestly not the worst, in my personal opinion. We will see what obviously happens here in the short term, but I do want to open up some liquidity, so I will keep you all updated on if/when I sell my $TSLA position today.
In case I see any other plays or opportunities, I’ll announce what I see in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
NO ALGO UPDATE TODAY
Explanation
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, $BA, $TSLA, $RIVN, $GRYP, $NVDA, $SMCI, $GOOG/L, $META
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN
Economic News for 03/19/2024
Housing Starts - 8:30 AM
Building Permits - 8:30 AM
Redbook - 8:55 AM
52-Week Bill Auction - 11:30 AM
20-Year Bond Auction - 1:00 PM
Notable Earnings for 03/19/2024
Pre-Market Earnings:
XPeng (XPEV)
Tencent Music Entertainment (TME)
HUYA (HUYA)
Caleres (CAL)
After-Market Earnings:
HealthEquity (HQY)
ZTO Express (ZTO)
Wrap up
This is going to be a fun day as everyone prepares for FOMC. Make sure to tread lightly on these conditions, practice safe risk management, and make sure that you are able to maximize the opportunities that are presented to you. There will be confusion in the markets as people are reallocating, and there will be some irrational moves. Be smart and safe in these conditions, but don’t do anything that would ultimately put your account at risk. There is nothing of any major concern that you should watch out for, so it is just a matter of capitalizing on these market conditions while minimizing the amount of risks that you are taking. Adjust your portfolio if necessary, and prepare for both FOMC tomorrow and the Reddit IPO on Thursday!
Good luck trading, and let’s see where $SPY takes us!