HaiKhuu Daily Report 04/17/2024
Good morning, and happy Wednesday! Welcome to a state of ConFUsIoN. Markets are about to have a large movement, the question is, which direction are we going. Please continue to tread lightly on these market conditions, and prepare accordingly. It would not surprise me in the case that $SPY decides to bounce here as we are building support here at these relative lows, but at the same time, market conditions are not looking favorable, meaning that if $SPY drops below $500, we could see some disgusting selling in the process. Tread lightly on these market conditions, and do what you can to minimize the amount of risk that you are taking. Many traders are going to have an extremely difficult time realizing gains consistently in these market conditions, but at the same time, some traders thrive in these conditions. So realize some gains, don’t get greedy, and protect your bottom line. This is going to be a lot of fun, so make the most out of these conditions and allocate accordingly.
Good luck trading, and let’s see where the markets go!
The updated $SPY daily levels are as follows:
Conversion Line Resistance: $511.48
Baseline Resistance: $513.41
Psychological Support: $500
Daily Cloud Resistance: $504.66
$SPY Daily Candles - [04/16/2024]
Thoughts & Comments from Yesterday, 04/16/2024
Yesterday was a relatively tougher day for the markets as a result of choppy market conditions. There was not any major significant movements in the markets, but conditions were extremely tough as markets were inconsistent and extremely irrational. Hopefully, you all were able to actively scalp and capitalize on the movement in the markets, but it was extremely difficult to remain consistent in the process.
We started the day with $SPY opening at $504.95, up slightly from the previous close, but still not looking strong in anyway shape or form. Conditions were tough from open as everything dropped at open, and conditions remained weak for the majority of the morning. We did make a relative low trading slightly under $503 about an hour into the day, making it extremely difficult to remain bullish, but as I said before, conditions were choppy and we thankfully recovered going into the lunchtime lull.
During lunch though, we did watch as there was a quick drop to make the official low of the day with $SPY trading at $502.21. Conditions were not ideal in anyway shape or form, but again, we did see a quick recover as right after making the official low of the day, $SPY quickly recovered, and made the official high of the day trading at $506.49.
Conditions remained choppy throughout the rest of the day as $SPY sold off after making the high of the day, to go back and test the official low of the day, before recovering into close. We ended the day with $SPY trading at $503.53, down $0.92 for the day, or down approximately 0.2% for the day, with an intraday bearish movement of roughly $1.50.
It was not a good day for the markets as conditions were extremely inconsistent for the markets, but thankfully, there were many opportunities to actively trade throughout the day, and realize gains in the process. Hopefully, you all did alright with the market conditions, but I can say with confidence that it was a tough time remaining consistent. Let’s see if today is better, and make the most out of the opportunities that are presented to us.
Heatmap - $SPY 04/16/2024
Thoughts & Comments for Today, 04/17/2024
Today should be a fun day for the markets. Conditions have been tough over the previous couple of days, but as I said before, I am expecting to see a large directional move in the markets that we can hopefully all capitalize on. Obviously, I want to see the markets bounce and have a significant movement towards the upside where we can easily capitalize on the bullish momentum in the markets, but please be cautious, as we are treading extremely close to $SPY $500, and as a result, I am not expecting, but I am weary of the chance that the movement we are expecting, comes down to $SPY breaking below $500, and selling off extremely quickly.
Continue to tread extremely lightly on these market conditions and make sure to practice safe risk management in the process. There is no reason why you should look to take on a significant amount of risk in these market conditions, but there is no reason you should be passive and not attempt to take advantage of these conditions. There will be risks involved with attempting to trade either direction, but opportunities will be available, and those who are passive in these conditions are going to miss out on some great opportunities. Just attempt to play both directions where possible, and realize gains consistently.
This is a traders paradise, I hate that I am not able to trade right now, because there is consistent opportunities not only to scalp, but to actively day trade. If you are able to capitalize on these conditions. Do so, because there is no reason why you should miss out on this increase in volatility and confusion in the markets.
But just because I am advising you all to attempt to take advantage of these market conditions, does not mean you should attempt to take on more risk than you should. Limiting your downside risk and protecting your bottom line is the key to your success in these market conditions, but just understand that taking on risks is part of what is necessary for the markets, and realistically is what causes traders to be profitable. The difference is, there is smart risk and there is dumb risk. Dumb risk is taking on bad positions, sizing incorrectly, or not setting stops on positions to limit your downside. Smart risk at least, means that you have an edge on your positions and are both comfortable and confident in your position. There is no such thing as a risk free position in the markets, but at least there are positions you can take on where you personally are taking on less risk. Play when you have an edge, and be confident in the positions you are taking.
For my allocations today, I will not be trading at all in anyway shape or form as a result of travel, but I do anticipate on trading full time again starting tomorrow. Thank you all again for being understanding at this time, and I am extremely excited to be able to trade with you all back at the office!
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:
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, $ULTA, $RIVN, $TSLA, $BA, $NVDA
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 04/17/2024
MBA 30-Year Mortgage Rate - 7:00 AM
20-Year Bond Auction - 1:00 PM
Beige Book - 2:00 PM
Notable Earnings for 04/17/2024
Pre-Market Earnings:
ASML Holding (ASML)
Abbott (ABT)
Prologis (PLD)
Travelers Companies (TRV)
U.S. Bancorp (USB)
BankUnited (BKU)
Citizens Financial Group (CFG)
First Community Corp (FCCO)
First Horizon National Corp (FHN)
After-Market Earnings:
Alcoa (AA)
Kinder Morgan (KMI)
CSX Corp (CSX)
Discover Financial Services (DFS)
SL Green Realty (SLG)
Liberty Energy (LBRT)
Synovus Finacial Corp (SNV)
Brandywine Realty Trust (BDN)
Crown Castle International (CCI)
Equifax (EFX)
Wrap up
This will another interesting time for the markets. Be careful if there is more choppy market conditions, but hopefully, we are able to see some more consistency in the markets. It would not surprise me if market conditions remained choppy, but we are due for a large directional move, so tread lightly but look to take advantage of the opportunities that are presented to us!
Good luck trading, and let’s realize some gains!