HaiKhuu Daily Report 05/07/2024
Good morning, and happy Tuesday! Markets are looking beautiful, and $SPY is back above the daily cloud resistance. This is not a time to celebrate, but this is a time for us to be a little more optimistic and excited to trade these market conditions. Opportunities are going to be consistently presented to us as a result of $SPY moving up and the confidence that comes with that, so traders are going to genuinely have a phenomenal time. The bearish TK cross under on $SPY is weakening, so expect to see more strength in the markets, as once we have a cross over, that will be a confirmation of a reversal from the bottom.
I hope you all are excited to trade today and have been realizing significant gains with us as $SPY is moving up! Hopefully, $SPY will continue to trend in our favor.
Good luck trading, and let’s see another breakout on $SPY!
The updated $SPY daily levels are as follows:
Conversion Line Support: $507.36
Baseline Support: $508.86
Psychological Support: $500
Daily Cloud Support: $516.27
$SPY Daily Candles - [05/06/2024]
Thoughts & Comments from Yesterday, 05/06/2024
Yesterday was a beautiful day for the overall markets. $SPY was up nicely during the pre-market session and continued to display continued strength throughout the entire day with strong but extremely low bullish momentum. Hopefully, you all were able to capitalize on the market momentum with ease, but it honestly was just an all-around beautiful day that provided us with opportunities to trade and realize a significant amount of gains!
We started the day with $SPY opening at $513.79, up nicely from the previous close on Friday, and displayed lots of strength providing us with an easy opportunity to allocate with relative confidence. Conditions could have been better, but slow-brewed confidence in the markets is better than nothing.
Market conditions remained strong after open, where $SPY continued to trend at the $514 level until after lunch, where $SPY started to display general confidence, providing us with an opportunity to load up and simply ride the momentum. After the lunchtime lull ended, that is where there market momentum started to pick up.
During the afternoon is where we watched as $SPY rallied beautifully, and continually made new highs of the day, before lowing down into powerhour, and in the back half of powerhour, is where the markets broke out of the daily cloud resistance and continued to break out. We ended the day with $SPY trading at $516.67, up $5.28 for the day, or up just over 1%. It was genuinely an amazing time for the markets that provided us with great opportunities to not only trade, but realize a significant amount of gains in the process.
I hope that you all were able to capitalize on the momentum in the markets, and realize some gains in the process. Anyone that had general market exposure at that time should have been able to realize gains with relative ease, and anyone who’s simply been holding positions, should have had a great time in the process. Life is good and the markets continue to move on.
Heatmap - $SPY 05/06/2024
Thoughts & Comments for Today, 05/07/2024
Today is setting up to be an amazing day for the general markets. Traders are both comfortable and confident in these conditions, resulting in opportunities to be consistently presented to us. I am excited to see that $SPY is back above the daily cloud resistance and is allowing us to remain optimistic about these market conditions. This is not a sign to blindly allocate into the markets and pray that everything works out, but this is an opportunity to navigate these conditions efficiently, with less risk on the table. Market conditions can very easily shift, but we are displaying enough confidence where opportunities should be presented to us and we should have confidence in the process. I would not advise being overly ambitious, but I would advise you all to capitalize on this strength in the markets, as we can easily continue to rally.
$SPY is inching closer and closer to making an all-time high, I would not bet on it happening today or tomorrow, but it would not be surprising in the case that market conditions continue to trend up slowly. We are less than 2% away from making an all time high (1.55% specifically at the time of writing this report), and this should bring confidence knowing that we are within striking distance of making a new high. Conditions are not as confident as previously when we made that high, but we are displaying significant confidence in these conditions where the opportunity is among us, and it is for us to maximize the opportunities that are available.
As I have been saying, this is a trader's paradise; if you are actively trading, please protect your bottom line and practice safe risk management, but this is an amazing time to attempt to be more aggressive with your allocations to maximize that potential. This does not mean you should look to over-allocate or take on too much exposure, but look to trade higher beta stocks that are trending to increase the profits you would generate for the same timeframe. Great examples of this are organizations like $TSLA, $NVDA, and $META.
Continue to tread lightly. Cracks are still in the foundation, and we are not out of the woods yet. However, the wounds are healing, and everyone is moving forward.
For my allocations today, as I said before, I am not going to be attempting to trade either today or tomorrow. I’ll look out for opportunities when I am around, but I am traveling for work, and as a result, I will not be able to actively watch the markets and participate. Thank you all for understanding, but if I see any opportunities, or if I decide to get into any other plays, 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, $NVDA
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 05/07/2024
Redbook - 8:55 AM
Fed's Kashkari Speaks - 11:30 AM
3-Year Note Auction - 1:00 PM
Consumer Credit - 3:00 PM
Notable Earnings for 05/07/2024
Pre-Market Earnings:
Walt Disney (DIS)
Celsius Holding (CELH)
Datadog (DDOG)
Crocs (CROX)
Ferrari N.V. (RACE)
Allegiant Travel Company (ALGT)
BP p.l.c (BP)
Rockwell Automation (ROK)
Duke Energy (DUK)
WK Kellogg (KLG)
After-Market Earnings:
Rivian Automotive (RIVN)
Arista Networks (ANET)
Upstart Holdings (UPST)
Wynn Resorts (WYNN)
Occidental Petroleum (OXY)
Lyft (LYFT)
Dutch Bros (BROS)
Twilio (TWLO)
Toast (TOST)
Coupang (CPNG)
Wrap up
This is going to be an extremely fun day for the markets, with consistent opportunities presented to us. Look to do what you can to maximize your profit potential and realize a significant amount of gains today. Market conditions are strong, and we are presented with an amazing opportunity to not only trade but also generate a significant amount of realized gains. Make sure to practice risk management, and have a great time.
Good luck trading, and let’s see where $SPY takes us today!