HaiKhuu Daily Report 04/08/2024

Good morning, and happy Monday! The weekends feel a lot shorter than they used to; they absolutely fly by with no regard. I hope you all had a great weekend and are ready for what should be an extremely interesting week. We have a solar eclipse today, so things should be spooky. Make sure to see if you are within the coverage zone and if you are, take a moment out of your day to step outside and watch it in person! 

Market conditions are not looking the best due to overall confusion, but what this means is there are going to be lots of opportunities, and we should have fun capitalizing on them. $SPY is relatively neutral at the time of writing this report, trading right below the daily conversion line. It should be interesting to watch how the markets react at this level and see if we either break out or reject. Make sure to practice risk management, as market conditions are going to be volatile, but this should be fun. 

Good luck trading, and let’s see where the markets take us this week! 

The updated $SPY daily levels are as follows:
Conversion Line Support: $518.68
Baseline Support: $514.76
Psychological Support: $500
Daily Cloud Support: $499.17

$SPY Daily Candles - [04/05/2024]

Thoughts & Comments from Last Week

Last week was a tough week for the markets. There was a significant amount of bearish momentum that left the majority of traders creating both realized and unrealized losses. Conditions were not perfect, but there were great opportunities to realize some gains. Many traders were extremely profitable in the process, which is a great time, but I would say that the average trader had a difficult time remaining consistent last week. If you were able to capitalize on the opportunities of last week, congratulations. It was genuinely a tough time, but the best traders can remain consistent regardless of market conditions. 

We started the week with $SPY trading at $523.77. Conditions were looking strong as $SPY was looking strong, actively testing the all-time high in the process. Everything was looking good, but we had some weak bearish momentum throughout Monday, where not much realistically happened. We gapped down on Tuesday, with $SPY opening at $518.24, and consistently remained under the daily conversion line support until Thursday. Not much happened on Tuesday or Wednesday, but C’est la vie. That is just part of being in the markets. 

Thursday is where the fun really happened. We started the day with $SPY ripping up during the pre-market session, as $SPY went to test the previous highs again, opening at $523.52. The conditions were looking beautiful, and everyone was excited about the market conditions. $SPY looked bullish, conditions were looking great, and many traders were able to generate a significant amount of realized gains in the process. During the day, we had a statement from Kashkari stating if inflation stays flat, there is no reason to cut rates, and with that said, we started what was the largest intraday bearish movement we’ve seen in over a year. $SPY continually dropped, and we ended Thursday with $SPY trading at $513.07, breaking through both levels of major support on the daily. Conditions were not great, and many lucky traders had a phenomenal time, and other traders unfortunately realized a significant amount of losses. 

Friday was a fun way to end the week. There was strong bullish momentum as the overall markets recovered from the selling. We opened the day with $SPY trading at $514.48, rallied $6 to make the official high of the day trading at $520.44, and ended the week with $SPY trading at $518.43. The overall markets were down roughly 1% throughout the entire week, being down $5.34. 

Overall, it was a great week for the markets full of opportunities. It was a fun time trading, and lots of realized gains were generated. We may have aged a little due to the stress, but that’s part of the excitement of the markets. I hope again that you all did alright last week and were able to realize some gains in the process. It will be a lot of fun seeing where the markets go this week, and hopefully, everything that was lost can be made back extremely easily. 

Heatmap - $SPY 04/05/2024

Thoughts & Comments for Today, 04/08/2024

Today should be a confusing day full of opportunity. As I said before in the report, $SPY is currently trading right below the daily conversion line, and as a result, I am very interested in seeing how things react from here. It would be nice to see $SPY break above the daily conversion line, and continue to rally, but there also is a high likelihood we see a rejection here as we actively test daily support. Tread lightly on these market conditions, but do what you can to maximize your profit potential. There are many organizations that are extremely risky to allocate to as a result of this short-term weakness, but assuming that buying the dip continues to work out, there is potential across the board. Just please, make sure to practice safe risk management and limit your downside risk. Many traders are going to have an extremely difficult time remaining consistent in these conditions, and it would not surprise me if many individuals continue to realize losses as a result. Look to find safety in these confusing market conditions, and look out for the opportunities that present themselves. 

As I said, many organizations have been down slightly over the previous couple of days, which should bring confidence to traders. These market conditions have resulted in us being in a trader’s paradise, as there has been volume and volatility most days, providing us with amazing opportunities to scalp and day trade. If you have the confidence to actively day trade in these market conditions, continue to do so, as opportunities will be consistently presented to us. Just make sure to follow the trend and find organizations that have momentum. There have been many pancake days recently in the overall markets, so timing is going to be key to your success. Anyone can find a stock that has potential, but it is another skill to time out your positions properly, where you can realize gains consistently with little to no downside risk. 

The biggest thing you should worry about in these conditions is consistency in your returns and limiting risks. It is never fun watching as market conditions are tough, but it is worst when you are in a bad position that is trending down while markets are trending up. Find positions that you are comfortable and confident in, and limit your exposure to your risk tolerance level. Many traders are going to realize losses as they are not confident enough to hold through tough movements, and many traders are going to realize losses as their position drops quickly outside of their comfort zone. Scale into positions accordingly, and limit the amount of risk that is involved with your trading. 

For my allocations today, I do intend on actively day trading and scalping when given an opportunity to do so, but at the same time I am extremely interested in watching these market conditions. I currently have a large majority of my funds actively tied up in $ULTA, $LULU, and $BA, so I will be watching out to actively scalp and day trade when given a chance to, but I am happy relaxing and watching as my portfolio rides the general market momentum. I’ll still look for opportunities to scalp and trade throughout the week when given a chance to, but I am not overly ambitious to scalp and day trade when I am not comfortable. 

If I see any opportunities, or 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:

Last week was a great week for the algorithm despite being a tough week for the overall market. I am very happy with these results, as $SPY was down roughly 1% last week, while our algorithm was able to generate a return of 0.48%. This return might not seem like much, but it is great to see that despite markets being down and relatively weak, our algorithm was able to remain consistently profitable in the process. It is a great way to capitalize on a system with confidence despite conditions not remaining optimal in the overall markets.

Statistics for last week:

• Total Trades - 52

  • 23 Long

  • 29 Short

  • 31 Unique Tickers

• Best Trade - $BLDR (Short)

  • Return: +1.43%

• Best Long - $OXY

  • Return +1.28%

• Worst Position - $NRG (Short)

  • Return: -0.65%

If you want to read the in-depth algorithm report, CLICK HERE

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, $RIVN, $BA, $TSLA, $NVDA, $AAPL, $MSFT

LONG OPPORTUNITIES:

• Long-Term Dividend - $GAIN / $JEPI

• Long-Term Investment - $BA

• Confirmed Re-entry - $RIVN, $LULU, $ULTA

Economic News for 04/08/2024

• CB Employment Trends Index - 10:00 AM

• NY Fed Inflation Expectations - 11:00 AM

• 3&6 Month Bill Auction - 11:30 AM

Notable Earnings for 04/08/2024

Pre-Market Earnings:

• Lotus Technology (LOT)

After-Market Earnings:

• No After-Market Earnings Scheduled

Wrap up

Hopefully, markets continue to remain optimal despite the confusion and give us opportunities to capitalize on these strong market conditions. Again, we are back in the lower end of greed on the Fear & Greed index, meaning we are either going to watch as the markets drop, fear comes back in, and have some fun, or watch as greed increases as we get back to extreme greed. Regardless, it will be an amazing time full of opportunities, so practice risk management, tread lightly, and seize any opportunities. 

Good luck trading, and let’s realize some gains together!