HaiKhuu Daily Report 04/04/2024
Good morning, and happy Thursday! Markets are looking beautiful as $SPY is back above the daily conversion line support. This is going to be an extremely fun day for the markets, full of opportunity. Confidence is going to come back into the markets as people start to see that market conditions are more optimal as the selling has slowed down, which is a great sign for the overall market conditions, but it is just funny seeing this happen time and time again where if the markets are weak and sell off for a single day, that panic ensues. Buying the dip worked out again, so take advantage of the opportunities that are being presented to us and realize some gains.
Good luck trading, and let’s see if $SPY breaks out today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $520.55
Baseline Support: $514.76
Psychological Support: $500
Daily Cloud Support: $499.15
$SPY Daily Candles - [04/03/2024]
Thoughts & Comments from Yesterday, 04/03/2024
Yesterday was a beautiful day for the markets, with consistent opportunities across the board. Markets saw an increase in volatility and volume, which made trading extremely easy and allowed us all to realize gains. Hopefully, you were able to capitalize on the market conditions and had a great time in the process because market conditions were phenomenal.
We started the day with $SPY looking relatively weak, trading at $517.76, down from the previous close, but watched as conditions looked strong from open as there was a significant amount of blind bullish momentum at open for the entire first hour of the trading day. $SPY quickly rallied from open to break above the $520 resistance level, continued to move up, and broke above the daily conversion line. Market conditions did slow down going into the lunchtime lull after making the official high of the day trading at $520.95. Conditions were looking beautiful for the first half of the day, where most organizations were up nicely in the process.
In the afternoon, conditions were less optimal as volatility decreased and there was not much confidence in either the direction or sentiment in the markets. $SPY remained relatively neutral, around $520, before starting to come down quickly during power hour. $SPY quickly shot down during the beginning of the final hour of the day, making a low at $517.77, and conditions remained less than optimal the entire time. We did see a quick bounce in the back half of power hour as $SPY rallied from $518 back up to end the day trading at $519.41. Overall, $SPY was up $0.57 for the day, or roughly 0.1%, with an intraday bullish movement of $1.65.
Markets were very easy to navigate yesterday, and even easier to find positions accordingly. It definitely was a day where picking the right organizations were key, as many tech organizations had a difficult time, and other organizations did not respect the overall movement in the markets. We had some bloody red organizations like $INTC and $DIS, while $NVDA and $MSFT forgot to join the party. Regardless of what happened yesterday, I hope you all had a great time and were able to realize some gains with us!
Heatmap - $SPY 04/03/2024
Thoughts & Comments for Today, 04/04/2024
Today looks like it is going to be a significantly better day for the general markets. With the way that the markets stand right now, we are back above the daily conversion line, and are looking strong going into open. This means people are going to be optimistic and purchase more as a result. This is funny because this is a complete shift against what people’s sentiment was a couple of days ago. On Monday, it was full of panic as markets were down 1%, and now we are going to see many traders talking about how we are extremely close to making a new all-time high on $SPY and that we should remain optimistic in these market conditions.
Just because market conditions are back to a point of relative confidence, though, does not mean that you should attempt to be irrational with your thoughts or attempt to be overly ambitious. Make sure that you are practicing safe risk management and are genuinely considering both the risks and opportunities that are involved with allocating here. In the same way that one day of bearish momentum is not enough to be overly bearish in the markets, a couple of days of strength is not enough to be overly ambitious.
Practice safe risk management, but look for opportunities to capitalize on the strength in the markets and take advantage of it. The best traders are going to remain extremely consistent and have a great time in the process. Look to follow the momentum in the markets, find dip buying opportunities, and remain level-headed in these market conditions.
For my positions today, I will say that I do not anticipate actively scalping as much today, but I am more interested in riding the general market momentum. I did allocate into $ULTA yesterday as a result of the dip. I will be holding this organization for a short period of time with zero anticipation of exiting anytime soon and will double down in the case $ULTA continues to come down. Realistically, this is tying up a chunk of my trading capital, but at the same time, I am not too worried as I believe that $ULTA will recover within the upcoming months, and I’ll be able to capitalize on the bullish movement with ease. If I see any trades or opportunities, I’ll obviously let you all know in real time, but my personal frequency of allocations will be coming down as a result of this $ULTA allocation.
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, $ULTA, $LULU, $BA, $TSLA, $RIVN, $NVDA, $MSFT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN
Economic News for 04/04/2024
Jobless Claims - 8:30 AM
Trade Balance (Feb) - 8:30 AM
Fed's Harker Speaks - 10:00 AM
4&8 Week Bill Auction - 11:30 AM
Fed's Barkin Speaks - 12:15 PM
Fed's Goolsbee Speaks - 12:45 PM
Fed's Mester Speaks - 2:00 PM
Notable Earnings for 04/04/2024
Pre-Market Earnings:
Conagra Brands (CAG)
Lamb Weston Holdings (LW)
Simply Goods Food (SMPL)
Lindsay Manufacturing(LNN)
RPM International (RPM)
AngioDynamics (ANGO)
Radius Recycling (RDUS)
After-Market Earnings:
Kura Sushi USA (KRUS)
Wrap up
This is going to be a fun day for the overall markets. I am excited to see where the markets go today with this strength and confidence. There are going to be many great opportunities being presented to us, so let’s make some smart decisions and realize gains as a result. Tread lightly on these market conditions, but do not be afraid of being aggressive if conditions remain optimal.
Good luck trading, and let’s realize some gains!