HaiKhuu Daily Report 04/29/2024
Good morning, and happy Monday! I hope you all had a great weekend and are ready for what is going to be a CRAZY week for the markets. Just to look ahead, the major things you should look out for are $AMZN earnings after hours on Tuesday, FOMC on Wednesday, and $AAPL earnings after hours on Thursday. This is going to be an extremely volatile time for the markets with many great opportunities to trade, so have some fun in the process and do what you can to maximize the opportunities that are available to you. We are seeing $SPY test resistance, which is a sign of confidence, but we are starting to display weakness in the general markets. I will talk about that more later on in the report. For now, though, tread lightly on these market conditions and prepare accordingly for some turbulence. This is going to be a fun week, so let’s take advantage of it and have a great time!
Good luck trading, and let’s see what $SPY has in store for us this week!
The updated $SPY daily levels are as follows:
Conversion Line Support: $501.87
Baseline Resistance: $509.24
Psychological Support: $500
Daily Cloud Resistance: $512.48
$SPY Daily Candles - [04/26/2024]
Thoughts & Comments from Last Week
Last week was an absolutely WILD week for the markets. There was strong bullish momentum in the markets and opportunities to trade accordingly. We had major earnings from $TSLA, $META, $GOOG/L, and $MSFT, where $GOOGL was able to make a NEW all-time high, and there was extreme volatility that many traders could have easily capitalized on. It was an amazing time trading with great opportunities presented to us! I hope you all had an amazing time in the process and realized a significant amount of gains!
We started the week off relatively slow, with $SPY opening on Monday trading at $497.84; bouncing off of the daily cloud support, we moved up consistently off of that support level and saw strong bullish momentum throughout the entirety of the week. We broke through the $500 resistance for the first time on Monday before breaking out nicely on Tuesday. Once we broke out on Tuesday, we watched as $SPY quickly rallied to make a relative high trading right above $505. Conditions at the relative high were slow, as we were relatively neutral at the top and remained there throughout the entirety of Tuesday, leading into Wednesday. On Thursday, we watched as the markets quickly DOVE during the pre-market session as $META had a terrible reaction to earnings the night prior, and the GDP report crashed $SPY.
Thursday started with $SPY opening back below $500, despite closing at $505.41 on Wednesday, but we watched as there were extremely strong market conditions as $SPY rallied to close at $503.49, recovering the majority of the losses that were incurred during both $META earnings and general economic news that came out. After hours on Thursday, we watched as both $GOOGL and $MSFT rallied on positive earnings numbers, and $GOOGL provided a dividend for the first time, which caused market conditions to absolutely rally.
Friday started with $SPY gapping up on the daily, opening at $506.35. It continually rallied throughout the day to make the official high of the week, trading right under the $510 resistance at $509.88 before coming back down slightly into the close. We ended the week officially with $SPY trading at $508.26, up $10.31 or roughly 2%.
It was genuinely an amazing week for the overall markets, filled with both opportunity and amazing market momentum. It was almost hard to lose money while actively trading, and I hope you all had a phenomenal time trading in the process. Many traders were able to realize a significant amount of gains, so let’s build on this momentum and see what the markets have in store for us today!
Heatmap - $SPY 04/26/2024
Thoughts & Comments for Today, 04/29/2024
Today is going to be an interesting time for the overall markets. With the current conditions of the markets, I would not be overly ambitious or overly bullish, but I would genuinely look out for an opportunity to capitalize on the momentum, as there has been an increase in both opportunities and momentum. As I have said before, this is a trader’s paradise. There is going to be consistent volatility in the markets that will provide us with phenomenal trading conditions, so take advantage of the confidence in the markets while you can.
As I said before, I do have a general warning about the markets that I want to bring up at this time. With the markets displaying the level of both comfort and confidence that it is right now, I would advise extreme caution and would recommend you start holding liquid funds when possible. These market conditions are not weak in any way, shape, or form, but we are starting to see some cracks in the foundation. $SPY has had an official bearish TK cross under on the daily chart that is strengthening as we remain in the daily cloud, and we are coming up to many major resistance levels. We can easily break out as, again, market conditions are strong, but all we need is a quick sell-off until traders become extremely fearful. As of right now, watch out for $SPY $512.48 and $496.21. If we break out above that $512, there will be confidence that floods back to the markets, but still a hint of underlying fear, and if $SPY sells off below support, then it is genuinely game over. I would advise you to take this advice with a grain of salt but have it in the back of your mind if you are attempting to allocate in the markets, and now would not be the worst time to hedge your portfolio. I am not advising you to be overly bullish or bearish but to prepare accordingly for whichever direction the markets decide to go, as this is going to be a genuine toss-up, and the next month will be filled with both confusion and opportunities.
Just continue to tread lightly on these market conditions and ensure that you are practicing safe risk management. As long as you limit your downside risk and hedge your portfolio, you should have absolutely zero issues navigating these conditions.
For my allocations today, I want to say that I am hesitant to actively trade in these conditions. I will look for opportunities to trade when I have the comfort and confidence to do so, so be on the lookout for opportunities. I may look to add $INTC to my long portfolio soon, so watch out for that. I’ll scalp when I am comfortable intraday, but I am just more excited to see the direction of the markets at this point.
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.
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, $GOOGL, $MSFT, $AAPL, $NVDA, $AMD, $INTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 04/29/2024
Dallas Fed Mfg. Bus. Index - 9:30 AM
3-Month Bill Auction - 10:30 AM
6-Month Bill Auction - 10:30 AM
Notable Earnings for 04/29/2024
Pre-Market Earnings:
SoFi (SOFI)
onsemi (ON)
Domino's Pizza (DPZ)
Franklin Resources (BEN)
Royal Philips (PHG)
Alliance Resource Partners (ARLP)
JinkoSolar Holding (JKS)
Banco Bilbao Vizcaya (BBVA)
HNI Corporation (HNI)
Hope Bancorp (HOPE)
After-Market Earnings:
Paramount Global (PARA)
NXP Semiconductors (NXPI)
Transocean (RIG)
Arch Capital Group (ACGL)
Logitech International (LOGI)
Chegg (CHGG)
Sanmina Corporation (SANM)
Welltower (WELL)
Amkor Technology (AMKR)
Everest Group (EG)
Wrap up
This is going to be an extremely fun day for the general markets, so let’s do what we can to maximize the opportunities that are presented to us, and realize a significant amount of gains in the process. I am extremely excited to see where the markets go from here, as we are either about to break out, or sell off, and regardless of the direction we go, we can easily capitalize on the opportunities. So let’s have some fun, realize some gains, and have a great time in the process!
Good luck trading this week, and let’s see a breakout on $SPY!