HaiKhuu Daily Report 05/01/2024
Good morning, and happy Wednesday! Well, we are back to $500, $SPY is looking terrible, and everything is looking TOUGH going into FOMC today. BTC has fallen 9% overnight, and EVERYONE is getting slaughtered right now. I hope you all are doing alright, listened to the warnings yesterday to hedge your positions and am ready for today. We have FOMC today at 2 PM EST, and we are going to watch as the markets either pump or get absolutely decimated today, so please tread lightly in these market conditions, protect your bottom line, and make sure to practice safe risk management. There is going to be a large movement in the markets today, it is just a matter of the direction we decide to go. So please prepare accordingly, and be safe today. Many people got decimated yesterday, and if the markets continue with this movement, many more are going to have a tough time today.
Good luck trading, and let’s see if Jerome Powell can save the markets.
The updated $SPY daily levels are as follows:
Conversion Line Resistance: $502.31
Baseline Resistance: $509.24
Psychological Support: $500
Daily Cloud Resistance: $512.48
$SPY Daily Candles - [04/30/2024]
Thoughts & Comments from Yesterday, 04/30/2024
Yesterday was one of the roughest days I’ve seen in the markets in a while. Almost everything ended the day red; many traders got wiped out, and the majority of traders realized a significant amount of losses yesterday. I hope you all were able to come out of yesterday relatively unscathed, but man, was it an extremely difficult day that the majority of individuals were not able to dodge. That was one of the toughest conditions I’ve seen, as there was no sign of reversal anywhere, and anyone who attempted to buy the dip got absolutely ripped.
We started the day with $SPY opening at $508.62, looking relatively strong, but not suspecting it would have been a terribly bearish day for the markets. We moved up slightly in the early morning to provide traders with a false sense of security, making the official high of the day trading at $509.56. Conditions were not ideal in any way, shape, or form as $SPY started to continually come down throughout the morning, finally slowing down and leading into the lunchtime lull. During that time, $SPY hovered around $506 before watching as general market volume picked back up after the lull and watching as the selling just continued to happen, making new lows of the day.
Thankfully, we did see the markets recover slightly, watching as $SPY went from trading at $505 back to making it above $506, but that ended up becoming the final nail in the coffin. $SPY quickly dropped after recovering ever so slightly, and with the consistent bearish momentum in the markets, traders just continually got smacked around, leading to a rapid sell-off into close.
We ended the day with $SPY trading at $501.98, down $8.08 or roughly 1.6%, with an intraday bearish movement of $6.64.
Many bearish traders realized significant gains, but for the majority, we had a terrible time. I hope that again, you all heard our warnings about the market conditions, were able to tread lightly, and practiced safe risk management in the process. That was a tough day, but life moves on and we pick ourselves back up. Lets see what Jerome Powell ultimately does for the markets today, and navigate accordingly!
Heatmap - $SPY 04/30/2024
Thoughts & Comments for Today, 05/01/2024
Today is going to be an extremely difficult day to navigate, but there are going to be consistent opportunities across the board. Again, we have FOMC coming out at 2 PM EST, which is going to heavily impact the general market performance and it will be extremely interesting to see if $SPY is able to recover after the disgusting sell-off that we’ve seen. Will buying the dip work again? Or are the markets going to go into a state of free fall? Please be careful and cautious in these market conditions, but look for opportunities to take advantage of short-term momentum and opportunities.
As traders, the goal of the markets is obviously to realize as many gains as possible in an extremely short period of time, but the goal you should have in these market conditions is simply to protect your bottom line. Traders are going to have an extremely difficult time capitalizing on these market conditions with both comfort and confidence, so minimizing the downside risk of your portfolio will increase the longevity of your account.
With FOMC today, Jerome Powell can very easily save the markets. I would not be overly optimistic and anticipate it happening, but it very easily can. So tread lightly when possible to be able to capitalize on any movement in the markets, but this is not the time to be overly ambitious for safety reasons. Tread lightly on these market conditions, prepare to strike when the iron is hot, and protect your bottom line. Nothing is sexy about protecting your bottom line, but not losing your entire portfolio is sexy. So practice safe risk management and look out for opportunities to capitalize on a breakout in the markets, but just tread extremely lightly. There is a high likelihood that the markets bounce after such a significant movement down, but just be careful because the movement we saw yesterday could be a catalyst for continued selling.
For my allocations today, I will say that I do not anticipate participating in the FOMC craze today. I’ll be continually looking out for plays and calling out what I see, but over the past two trading days, I have been trading aggressively and that worked out perfectly on Monday, but I, unfortunately, got burnt yesterday as a result, so I am letting those wounds heal and just taking a couple days away from actively trading to assure that I can remain level headed in these market conditions. I appreciate you all for understanding; it is unfortunate when someone loses money in the markets, but as a wise man once said, “It Ain't How Hard You Hit… It's How Hard You Can Get Hit and Keep Moving Forward. It's About How Much You Can Take And Keep Moving Forward!” (Rocky Balboa). I’ve been hit hard, but I’m going to get up and keep moving forward. Life moves on, and so do the markets!
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, $AMZN, $AMD, $TSLA, $ULTA, $LULU, $MSOS
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 05/01/2024
MBA 30-Yr Mortgage Rate - 6:00 AM
ADP Employment Change - 7:15 AM
S&P Manufacturing PMI - 8:45 AM
JOLTS Job Openings - 9:00 AM
ISM Manufacturing PMI - 9:00 AM
ISM Mfg. Employment Index - 9:00 AM
US Interest Rate Decision (FOMC) - 2:00 PM
FOMC Press Conference w/ Chair Powell - 2:30 PM
Notable Earnings for 05/01/2024
Pre-Market Earnings:
Pfizer (PFE)
CVS Health (CVS)
Barrick Gold Corporation (GOLD)
Mastercard (MA)
Norwegian Cruise Line (NCLH)
Wingstop (WING)
Kraft Heinz Company (KHC)
Marriott International (MAR)
Estee Lauder Companies (EL)
Johnson Controls (JCI)
After-Market Earnings:
QUALCOMM Incorporated (QCOM)
Devon Energy (DVN)
Paycom Software (PAYC)
Carvana (CVNA)
Etsy (ETSY)
MGM Resorts International (MGM)
Marathon Oil (MRO)
Allstate (ALL)
DoorDash (DASH)
eBay (EBAY)
Wrap up
This is going to be an extremely volatile day for the markets, with consistent opportunities being presented to us. Let’s see how market conditions are in real-time, and please just continue to practice safe risk management to limit your downside risk. I am expecting significant volatility in the markets as a result of FOMC, so tread lightly but prepare to take advantage of these market conditions in the case we break out.
Good luck trading, and let’s see what $SPY has in store for us today!