HaiKhuu Daily Report 04/30/2024
Good morning, and happy Tuesday! This is going to be a volatile day for the markets with opportunities being consistently presented to us, with $AMZN and $AMD earnings after hours today. I hope you all are doing well and are ready for today. Markets are relatively neutral at the time of writing this report, and we are still in the same state that we were in yesterday, as the bearish technical indicators are continuing to get stronger. We are at least above the daily baseline resistance at the moment, so tread lightly, as the next three days are going to be volatile. Do not forget we have FOMC tomorrow and $AAPL earnings on Thursday. Prepare accordingly, and protect your bottom line!
Good luck trading, and let’s see how irrational the markets are going to be today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $502.31
Baseline Support: $509.24
Psychological Support: $500
Daily Cloud Resistance: $512.48
$SPY Daily Candles - [04/29/2024]
Thoughts & Comments from Yesterday, 04/29/2024
Yesterday was an absolutely wild and heart-wrenching day for the markets. Significant volatility made trading extremely difficult and inconsistent, but opportunities were consistently presented to us. The best traders had an amazing time, but it was extremely difficult to remain confident in the process.
We started the day with $SPY opening up beautifully green today, officially opening the day trading at $510.07, above the $510 resistance, and popped up ever so slightly to make the official high of the day trading at $510.75 before quickly coming down. The drop initially was disgusting, but that provided traders with an amazing scalp opportunity, as $SPY quickly recovered from the bottom but remained extremely choppy between $509-510. Conditions could have been significantly better, but at the same time, conditions could have been significantly worse, and worse they became.
In the afternoon, markets slowly started to come down from $510 and trended down to $509. Conditions were not great, but they were not unfavorable at that time. We watched as $SPY quickly went from trading in the same range that it was in for almost the entirety of the day to quickly selling off as power hour started. This was not a good time as $SPY went on to make the official low of the day at $507.25 and made trading extremely sketchy and difficult. Thankfully, after quickly dropping, we did watch as the markets quickly ripped and recovered right back up, where the final ten minutes of the trading day was filled with only green candles on the 1-Minute chart. All of the losses incurred during the sell-off were quickly recovered, and everyone was provided with an amazing opportunity to buy the dip.
We ended the day with $SPY trading at $510.06, up $1.80 for the day, or up roughly 0.35%, with an intraday bearish movement of $0.01.
It is crazy thinking that $SPY only moved $0.01 throughout the overall day, but there was a significant amount of bullish momentum that could have been very easily capitalized on at any time. Hopefully, you all were able to realize a significant amount of gains yesterday because it genuinely was an insane day full of momentum, opportunity, and realized gains. Let’s see what the markets have in store for us today and allocate accordingly.
Heatmap - $SPY 04/29/2024
Thoughts & Comments for Today, 04/30/2024
Today is setting up to be another extremely interesting day for the general markets. With the way that $SPY is trending right now, I would be extremely cautious of downside risk at the moment, as $SPY can very easily break below the daily baseline support and start selling off, but I would try to remain optimistic at this time, as $SPY can also easily break through cloud resistance and move up accordingly. We are roughly 3% away from the all-time high on $SPY, so just remember that market conditions are extremely strong, but we are displaying short-term cracks in the foundation. There will be many great opportunities to trade in the process, so look to take advantage of these conditions and realize some gains.
There is going to be a significant amount of volatility over the next couple of days. As I said, we can very easily break out, but with many major earnings today, FOMC tomorrow, and Apple earnings on Thursday, there is going to be a large movement in the markets, and it is now just a question of which direction we go. I would not advise you to over-allocate in the markets, and I would actually suggest everyone look into slight hedges in their portfolio. Do not be overly bearish or hedge your entire portfolio, but slight hedges on positions that you are in that you believe are relatively overpriced are going to be the safest way that you can limit your downside risk. There is a good chance that the markets move up, but at the same time, I would advise you all to take a step back and simply protect your bottom line.
With Amazon and AMD earnings after-hours today, there is a lot of speculation, so I want to talk a little bit about them just for something you can consider. For AMD there is not much that I can say about them as I am not familiar with their performance, but Fred, one of our head traders, allocated into $AMD yesterday specifically for the intention of holding them through earnings. This is not a signal to buy or sell any AMD specifically for earnings, but he follows the semiconductor industry and understands the operations. So, this could be a possible confirmation bias if someone is looking for any insight. But for $AMZN, I do believe that their numbers should be great. I am expecting a drop in revenue from Q4 23 to Q1 24, but that is a seasonal drop in spending as a result of post-holiday savings. With that said, though, I do believe that their year-over-year revenue from Q1 23 to Q1 24 is going to increase. Consumers are still consistently purchasing compared to back in 2022 but are not utilizing cash for their purchases; rather, they are currently stacking debt, which is not a good sign for the general economy, but that is great for the revenue numbers of Amazon. I would not allocate to Amazon specifically because of this, but at least there should be one less thing to have to worry about when speculating on their earnings.
For my allocations today, I do plan on keeping things a little more simple as I honestly have no good read on the markets at the moment. Conditions are still strong, but we are displaying a lot of short term weakness that I am not comfortable nor confident in at this point. With the way that everything is going, it would not surprise me if the markets go in either direction, so if I make any trades, they will be scalps and day trades that I personally am comfortable taking. This sentiment obviously will change in real-time once markets are open, so the best place to watch me trade in real-time and see what positions I am entering is 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, $AMZN, $AMD, $TSLA, $GOOG/L, $NVDA, $INTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 04/30/2024
House Price Index YoY - 8:00 AM
House Price Index MoM - 8:00 AM
Chicago PMI - 8:45 AM
Consumer Confidence - 9:00 AM
Notable Earnings for 04/30/2024
Pre-Market Earnings:
PayPal (PYPL)
Eli Lilly & Co (LLY)
3M Company (MMM)
McDonalds (MCD)
Enterprise Products (EPD)
Coca-Cola Company (KO)
SiriusXM (SIRI)
Oatly Group (OTLY)
Marathon Petroleum (MPC)
SYSCO (SYY)
After-Market Earnings:
Amazon.com (AMZN)
Advanced Micro Devices (AMD)
Supermicro (SMCI)
Starbucks (SBUX)
Pinterest (PINS)
Caesars Entertainment (CZR)
ONEOK (OKE)
Stryker Corp (SYK)
Clorox (CLX)
Mondelez International (MDLZ)
Wrap up
This is going to be an extremely fun day for the markets, so let’s do what we can to maximize the opportunities that are presented to us. I hope you all realize a significant amount of gains. Many traders are going to have a phenomenal time and have a lot of fun, so take advantage of the volatility in the markets and have an amazing time in the process!
Good luck trading, and let’s see $SPY break out today!