HaiKhuu Daily Trading Report

Good morning, and happy Wednesday! It’s beautiful how strong market conditions can make us feel. $TSLA is up significantly after earnings and looks absolutely phenomenal. They are up $14 at the time of writing this report, and $SPY is relatively neutral. We are not out of the woods yet, as we have $MSFT and $GOOG/L earnings coming in a couple of days. Prepare accordingly for those earnings, but be excited about the opportunities that are present. Market conditions are strong, and again, we are not out of the woods yet. Tread lightly on these market conditions, but have some fun in the process. Markets are looking beautiful, but we are coming up to resistance.

Good luck trading, and let’s see where the markets go!

The updated $SPY daily levels are as follows:
Conversion Line Support/Resistance: $509.24
Baseline Resistance: $509.24
Psychological Support: $500
Daily Cloud Resistance: $508.82

Thoughts & Comments from Yesterday, 04/23/2024

Yesterday was a beautiful day for the entire market, with strong conditions, bullish momentum, and opportunities consistently presented to us. Many traders realized a significant amount of gains with relative ease and had an amazing time in the process. I hope you all capitalized on the confidence in the markets and had a great time in the process.

We started the day with $SPY looking strong, opening at $501.80, up from the previous close of $499.72. We opened the day with confidence as $SPY was trading north of $500. The markets rallied at open, displaying a significant amount of momentum and opportunity, making traders more comfortable and confident in the process. It seems that buying the dip worked out once again.

$SPY rallied throughout the majority of the day despite lacking momentum during some parts and remaining relatively neutral. Conditions could obviously be better, but realistically, it could have been worse as market conditions. We should be extremely grateful for the consistent bullish momentum we saw throughout the day, as people are retaining confidence in these conditions. $SPY did make the official high of the day, trading at $506.08 leading into powerhour, and watched as power hour was really uneventful, but an uneventful power hour is really still a win.

We ended the day with $SPY trading at $505.65, up almost $6 for the day, or roughly 1.2%, with an intraday bullish movement of roughly $4. It was an amazing day for the markets, with consistent opportunities available to us and the ability to realize a significant amount of gains. I wish there were more that I could write about yesterday’s market conditions, but it is honestly tough writing a lot when markets are extremely favorable and consistently bullish.

I hope you all had a lot of fun in the process, capitalized on the market conditions, and are ready to see what happens today!

Thoughts & Comments for Today, 04/24/2024

Today is setting up to become a significantly better day for the markets, but as I said time and time again already, we are not out of the woods yet. Markets have been favorable for two days after a week of bearish momentum, giving us all great opportunities to trade and realize gains with confidence, but that does not mean we are back to a place of general blind confidence. With the way that $SPY sits right now, we have avoided a bearish movement, but again, one dodge is not enough to sustain any confidence. We can easily sell off, or we can easily recover. It all comes down to general sentiment and active earnings at this point. In the case that markets remain strong, there will be opportunities that are guaranteed to present themselves, but the only issue is we do not have any guarantee that the markets will remain strong. Look to capitalize on the opportunities that are available to you, tread lightly, and make sure to realize gains when you can. This is not the time to get greedy, but this is the time to take your wins and be happy. You can hedge your portfolios here or get some bearish exposure in case you think that the markets holistically will be coming down again in the near future, and this could be an opportunity for you to attempt to trade the downside but just continue to remain fluid with your sentiment, as we can honestly go anywhere extremely quickly, resulting in terrible bearish momentum, or some beautiful bullish opportunities.

With the way that the markets currently sit, I personally am extremely conflicted on my general sentiment, and I will explain why. Yes, we have bounced from the bottom and recovered the majority of the losses that have been generated, and we bounced off lower support on the daily, which is providing us with confidence, but all of the conditions are not perfect just yet. We are still within the daily cloud, with a weak bearish TK cross under, below the baseline of support. In the case that we are able to break out of the cloud on the daily, and sustain ourselves above the daily baseline, then we can be comfortable again. This can very easily happen over the next couple of days as, realistically, we are less than 1% away from where we need to be to sustain confidence, and I am excited to see if the markets can do that. We have economic news coming up over the next couple of trading days, as well as many major earnings that will impact the general performance of the markets, so assuming that those conditions remain optimal, we should have no problem at all reclaiming comfort in the markets.

Just make sure to continue adapting your strategy and growing it wherever possible. Risk management is going to be the key to your success in these market conditions, and doing what you can to maximize your profits will increase your probability of success.

For my allocations today, I anticipate actively scalping and trading throughout the day, with no decisive decisions on where I want to trade. I am looking to possibly trade $TSLA as a result of the pop they had with earnings, but my one concern is the fact that they double missed and are up 10%, I may look to short when given an opportunity to do so, but this is extremely risky as anything can realistically happen in the process. I hate fighting against Elon, but the move we’ve seen is irrational and is not something that realistically is sustainable.

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, $TSLA, $RIVN, $ULTA, $LULU, $NVDA, $MSFT, $AAPL

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU

Economic News for 04/24/2024

MBA 30-Year Mortgage Rate - 7:00 AM
Durable Goods - 8:30 AM
5-Year Note Auction - 1:00 PM

Notable Earnings for 04/24/2024

Pre-Market Earnings:

Boeing (BA)
AT&T Corp (T)
Vertiv Holdings (VRT)
Humana (HUM)
Old Dominion Freight Line (ODFL)
General Dynamics (GD)
Amphenol (APH)
Boston Scientific Corp (BSX)
Hilton Worldwide Holdings (HLT)
Thermo Fisher Scientific (TMO)

After-Market Earnings:

Meta Platforms (META)
Ford Motor (F)
Chipotle Mexican Grill (CMG)
Service Now (NOW)
Lam Research (LRCX)
Celestica (CLS)
United Rentals (URI)
CACI International (CACI)
Waste Management (WM)
Western Union (WU)

Wrap up

This is going to be a fun day for the markets, with consistent opportunities being presented to us. Let's look to capitalize on the opportunities that are presented to us but continue to tread lightly and practice safe risk management. Many traders are going to have an amazing time today, and some are going to have a tough time, so do what you can do to have a great time and realize some gains together!

Good luck trading, and let’s see a breakout on $SPY!

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HaiKhuu Daily Report 04/24/2024