HaiKhuu Daily Report 04/03/2024
Good morning, and happy Wednesday! Wow, this week has been going by extremely quickly, and I hope you all are having a wonderful time. Markets have come down slightly from the beginning of the week, but this is not enough movement to cause any general panic or mania in the markets. Look to take advantage of this short-term weakness in the markets and find some great opportunities. People are slowly becoming fearful of the market, and this is when you should be confident. Do not look to over-allocate into the markets, and be fluid with your positions. But tread lightly. Markets are still strong, but this sentiment can shift extremely quickly. Look to capitalize on what you can in these conditions and realize gains. This is not the time to get greedy, but look to capitalize on this dip in the markets and maximize your opportunity to realize gains!
Good luck trading, and let’s see where this dip goes!
The updated $SPY daily levels are as follows:
Conversion Line Support: $520.55
Baseline Support: $514.68
Psychological Support: $500
Daily Cloud Support: $496.88
$SPY Daily Candles - [04/02/2024]
Thoughts & Comments from Yesterday, 04/02/2024
Yesterday was a tough day for the overall markets, but there were consistent opportunities presented to us that was fun to watch in real time. Markets were relatively rough and slow in the process, but thankfully, despite the blood in the overall markets, many traders were able to capitalize on opportunities and realize gains.
We started the day during the pre-market session when the markets were relatively neutral and watched as markets continued to fall during the pre-market session, opening the day trading at $518.24, down nicely from the previous close of $522.16. Conditions were rough at open as we continued to see bearish momentum in the markets, as we made the official low of the day about an hour after opening with $SPY trading at $516.50. Conditions were not optimal at all in any way, shape, or form, which was unfortunate. Thankfully, that provided us with an amazing dip-buying opportunity. We watched as the markets and some organizations recovered nicely in the process, including $NVDA, which recovered $20 from the bottom. (Thank you again Carlos for the position)
The afternoon was filled with slow recovery in the markets where all that was lost during the morning trading session was quickly made back, and $SPY even went green on an intraday basis providing traders with a hint of light. We watched as $SPY moved up during power hour, making the official high of the day leading into close, where we ended the day with $SPY trading at $518.84, down $3.32 for the day, or down 0.64%, with an intraday bullish movement of $0.60.
It does not seem like much happened, as $SPY did drop heavily and only recovered $0.60 in the process, but buying the dip worked out perfectly if you found the right organizations. Many traders were able to capitalize on $TSLA selling off on delivery numbers yesterday, and many of us were able to ride the $NVDA rally into the early afternoon. It was a wonderful time with great opportunities. Markets were rough, but you would have had a great time seizing the opportunities!
Heatmap - $SPY 04/02/2024
Thoughts & Comments for Today, 04/03/2024
Today should be a fun time for the markets, but fun is always a relative term. I think that assuming that market conditions remain optimal and strong, this short-term weakness has a high likelihood of being bought back up, and we should see some bullish momentum. Obviously, I am not a fortune teller being able to predict the future, but I just want to remind everyone that market conditions are still extremely strong and that two days of bearish momentum is not enough to justify being overly bearish or pessimistic about the markets. We have seen short-term weakness multiple times this year, and it is unfortunate when it happens, but it gives us all a great dip buying opportunity to capitalize on the general market momentum.
This sentiment can obviously change, assuming there is a shift in market conditions where the bearish momentum increases, but until that happens, there is no reason to anticipate it. There will be clear signs if the markets are coming down, we are seeing the first initial signs, but initial signs aren’t as significant as a confirmation of a reversal. Continue to enjoy the strength in the market conditions now, and do what you can to maximize your profits in these conditions.
Many traders will have a difficult time allocating here with confidence, but I will say again that this is a traders' paradise. There is volatility and volume in the markets, providing us with opportunities to actively trade and realize gains. It may be difficult to consistently realize gains, but the opportunities are there. Look to find organizations that are trending or showing signs of a breakout and allocate accordingly. Just make sure to practice safe risk management in the process and realize gains.
For my allocations today, I anticipate taking on more positions. I will be actively looking to scalp and day trade when given an opportunity to do so, and a couple of organizations that have caught my eye are $TSLA, $RIVN, and $DJT. $TSLA and $RIVN are highly volatile plays that underperformed as a result of delivery numbers, giving us a great opportunity to catch a bounce and scalp towards the upside, and $DJT is Donald Trump’s social media company that I believe is heavily overvalued. If given an opportunity to short a breakout, this is extremely risky as $DJT will move irrationally, but assuming that the markets remain relatively rational, I think I’ll have fun shorting any breakout that is showing signs of a reversal. I do not recommend the majority of you to attempt to short $DJT with me as it is an extremely quick and volatile play but it is a lot of fun if you are on the right side of the position.
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, $LULU, $RDDT, $DJT, $BA, $TSLA, $RIVN, $NVDA, $AMD
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN
Economic News for 04/03/2024
ADP Nonfarm Employment Change - 8:15 AM
S&P Global Composite PMI - 9:45 AM
S&P Global Services PMI - 9:45 AM
Fed's Bowman Speaks - 9:45 AM
ISM Non-Manufacturing PMI - 10:00 AM
Fed's Goolsbee Speaks - 12:00 PM
Fed's Powell Speaks - 12:10 PM
Fed's Barr Speaks - 1:10 PM
Notable Earnings for 04/03/2024
Pre-Market Earnings:
Acuity Brands (AYI)
After-Market Earnings:
Levi Strauss & Co (LEVI)
BlackBerry Limited (BB)
Resources Connection (RGP)
Simulations Plus (SLP)
Sportsman Warehouse (SPWH)
Wrap up
This is going to be another fun day for the markets. Look for an opportunity to buy the dip and capitalize on the short-term weakness that is being displayed. Many traders are fearful after an extremely small bearish movement in the markets. Tread lightly as a small bearish movement can become larger quickly, but as long as you remain fluid and make smart positions, you should have no problems realizing gains with ease. Have fun, but be smart and level-headed throughout the day.
Good luck trading, and let’s see where the markets take us today!