HaiKhuu Daily Report 05/08/2024
Good morning, and happy Wednesday! We have exciting news, $SPY has officially had a bullish TK cross over on the daily, and this is going to be a sign of confidence for these market conditions!
$SPY is currently relatively neutral at the time of writing this report, and I hope you all are ready for what should be an extremely interesting day for the markets. We have a couple more economic speakers prepared for today, and as a result this is going to be another interesting and volatile day for the markets.
Conditions are not “perfect” per se, but conditions are still relatively ideal, mostly as we have bounced nicely off the relative bottom, but conditions aren’t at a place of confidence yet. Continue to tread lightly on these market conditions, but do what you can to maximize your profit potential. I would not go into today with the expectations of seeing an insane movement in the markets, but it would not surprise me to see volatility in the markets and a large movement. So prepare accordingly for what should be an interesting time, and let’s make the most out of these market conditions.
Good luck trading, and let’s have a lot of fun!
The updated $SPY daily levels are as follows:
Conversion Line Support: $509.06
Baseline Support: $508.86
Psychological Support: $500
Daily Cloud Support: $517.26
$SPY Daily Candles - [05/07/2024]
Thoughts & Comments from Yesterday, 05/07/2024
Yesterday was a relatively tough and disgusting day for the overall markets. Market conditions looked phenomenal until we saw some bearish momentum in the markets, resulting in us remaining extremely neutral throughout the entire day. Traders could have capitalized on both bullish and bearish momentum, but we had an extremely neutral day that made trading inconsistent, and for many traders really not that profitable.
We started the day with $SPY trading at $517.52, looking relatively strong, but were met with some choppy conditions around open. we stayed within an extremely tight range until the markets started to move up leading into the lunchtime lull, during that time, $SPY remained neutral around $518, and it took a while before we started to really have any movement, but thankfully, we did see a small movement up, making the official high of the day trading at $518.56. Conditions were not perfect as it was relatively slow and uneventful, but thankfully we were able to remain green on a overall basis.
The markets fall extremely quickly after making the high of the day, where within an hour, we went from the high of the day, to making the official low of the day trading at $516.45. Conditions were not ideal in anyway shape or form, but again, conditions were just tough yesterday.
After dropping, we did watch as the markets did recover slightly into close, with extremely choppy market conditions that really was not favorable, but thankfully we did see a slow and consistent recovery into close.
We ended the day with $SPY trading at $517.14, up $0.57 for the day, or up approximately 0.1%. We had an intraday bearish movement of $0.38, which realistically is a neutral day, and did not provide us with any great opportunities. It was tough navigating yesterday as both traders and investors did not have many opportunities at all in anyway shape or form, but I will say that a neutral day for the markets is at least better than bearish momentum. So, let’s hope that today is a better day for the markets with some actual movement and momentum that we can capitalize on!
Heatmap - $SPY 05/07/2024
Thoughts & Comments for Today, 05/08/2024
Today hopefully is a significantly better day for the markets with opportunities being presented to us. I really hate days like yesterday because movements are relatively flat and neutral and not providing us with opportunities to trade. I would continue to advise you all to practice safe risk management in these conditions and contemplate taking some profit off the table if it is available. This is still not the worst time to hedge your portfolio, mostly if you are bearish or uneasy about these market conditions.
As I said before, we are displaying signs of confidence in the markets, but signs of confidence, is not confidence in the markets. We are seeing a bullish TK cross over on the daily chart which does bring confidence, but at the same time, the cross over is not developed enough for us to be confident in a breakout. We are displaying signs of a reversal from the bottom, which should provide us with an opportunity to be less fearful.
Just continue to tread lightly and make sure to practice safe risk management in these conditions. Many traders will have an extremely difficult time navigating these market conditions, but opportunities will be consistently presented to us. If you are having difficulties trading or difficulties remaining consistent, reflect on these market conditions and see where the problem is coming from. Is it your trading style, or is it that market conditions are not favorable. If you tried trading yesterday and was unsuccessful, that could have been as a result of you attempting to trade when market conditions simply were not moving moving and remained neutral, but at the same time, if you were over trading, and were having difficulties navigating choppy market conditions, you can blame the market conditions as much as you’d like, but it ultimately is your fault for navigating the markets poorly. If you do not feel comfortable or confident, you can always look to take a step away and wait until the markets are more favorable before you enter. There is no need to force a position when you are not comfortable or confident doing so, and just remember that cash is king.
For my allocations today I am not going to attempt to trade today. I was anticipating being back in the office and trading full time today, but I’m stuck in the middle of Missouri. I’ll call out opportunities that I see presented to us, but I unfortunate will not be able to trade at the capacity I’d like, so I won’t be trading as much today. As always, 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, $INTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 05/08/2024
MBA 30-Yr Mortgage Rate - 7:00 AM
Wholesale Inventories - 10:00 AM
Fed's Jefferson Speaks - 11:00 AM
Fed's Collins Speaks - 11:45 AM
Notable Earnings for 05/08/2024
Pre-Market Earnings:
Uber (UBER)
Shopify (SHOP)
Affirm (AFRM)
ACM Research (ACMR)
Toyota Motor (TM)
Emerson Electric (EMR)
Brink's (BCO)
HF Sinclair Corporation (DINO)
Sunoco (SUN)
Fox Corporation (FOXA)
After-Hours Earnings:
Arm Holdings (ARM)
Airbnb (ABNB)
Robinhood Markets (HOOD)
AMC Entertainment (AMC)
Trade Desk (TTD)
Beyond Meat (BYND)
Energy Transfer (ET)
Duolingo (DUOL)
Instacart (CART)
HubSpot (HUBS)
Wrap up
This is going to be a fun day for the markets with opportunities consistently presented to us. I am excited to see where the markets go today, and hope that markets provide us with more momentum and opportunity than we saw yesterday. Lets see $SPY prepare to make a new all-time high, and have a great time in the process!
Good luck trading, and let’s see what $SPY has in store for us today!