HaiKhuu Daily Report 05/15/2024
Good morning, and happy Wednesday! $SPY is trading near its all-time high, and market conditions are looking BEAUTIFUL. With the way the markets are trending right now, there is an extremely high likelihood that $SPY can continue to push from here. We have CPI data coming out during the pre-market session, which will heavily impact the markets, but again, there is an extremely high likelihood that we make that new all-time high today. The number to keep in mind is $SPY $524.61.
This is going to be another amazing day for the markets, so tread lightly but do what you can to maximize your realized gains!
By the way, as a side note. We got ANOTHER feature in the Wall Street Journal in the article
‘Roaring Kitty’ Came Out of Hibernation. Is the Meme Stock Craze Back?
Good luck trading, and let’s see that new all-time high on $SPY!
The updated $SPY daily levels are as follows:
Conversion Line Support: $516.20
Baseline Support: $508.85
Psychological Support: $500
Daily Cloud Support: $516.72
$SPY Daily Candles - [05/14/2024]
Thoughts & Comments from Yesterday, 05/14/2024
Yesterday was an awesome day for the markets, and everyone should have been pleasantly surprised. With the movement on both the meme stocks and $SPY, I am extremely optimistic leading into the summer session. $SPY was choppy but provided us with some consistent opportunities to trade before going on a beautiful run, while $GME and $AMC trended down throughout the day but still were up significantly as a result of memes trending again. Both organizations, down significantly from open, were still able to end the day up significantly.
We started the day with $SPY opening relatively neutral despite having PPI during the pre-market session. That data resulted in $SPY dropping heavily, but we recovered within the hour between release and open. $SPY opened the day trading at $521.01, up slightly from the previous close, and we watched as $SPY continued to chop around for the large majority of the morning. By lunchtime, $SPY continued to hover at that $521 mark and finally went red for the day leading into the early afternoon, making the official low of the day trading at $520.56. Conditions were not perfect at all, but they did provide us with some amazing opportunities to realize a significant amount of gains in the process.
During the back half of the trading day, everything started to heat up and have some fun. $SPY went from the low of the day to quickly reversing and breaking out, gaining a significant amount of momentum within the final two hours of the trading day, continually rallying, and providing us with what was a relatively easier ride and an amazing trading opportunity.
$SPY went on to make the official high of the day trading at $523.82, before coming back down to $523.30 at close. We ended the day with $SPY up $2.40 from the previous close, or up roughly 0.5%. It was genuinely an amazing day for the markets as $SPY closed roughly $1 away from the previous all-time high, and conditions were extremely optimal. Hopefully, you all were able to capitalize on what was an amazing time for the markets, and were able to realize a significant amount of gains in the process! Let’s see what the markets have in store for us today, and let’s see that new all-time high!
Heatmap - $SPY 05/14/2024
Thoughts & Comments for Today, 05/15/2024
Today is going to be another extremely fun day for the markets, with us being less than $1 away from making a new all-time high on $SPY, the likelihood of this happening is extremely high, and I genuinely am excited to see what happens not only today but for the rest of the summer. My thoughts on this are with the recent meme craze: if retail continues to keep flooding into the markets, we will see a heavy increase in the quantity of people who are actively trading, providing liquidity to the markets, and continually pushing the markets up in a perpetual fashion. This is obviously just a speculative sentiment, but if this craze continues to lead into other places in the markets, this will be almost a repeat of 2021, where the traders that left in 2022 come back to participate in the meme craze again. We have already seen many old faces come back to the markets over the previous couple of months, and we are seeing more coming back now as a result of these market conditions. I am extremely excited to see what will happen with the markets over the upcoming months, but just know that if everything works out and all of the puzzle pieces are there, we are going to be able to realistically continue to trade with both comfort and confidence leading into the summer session, and hopefully continue to rally leading into the election season.
Just continue to capitalize on the opportunities that are available, and if market conditions remain optimal, just simply ride the momentum and trend. As I said before, day trading and scalping will provide you with opportunities to ride the short-term market momentum and capitalize on those opportunities, but holding strong equities while market conditions are optimal may not be sexy per se, but you will be able to capitalize on strong market conditions with ease. I am not saying that you should not look to scalp and day trade in these market conditions, as you should because markets will remain a traders’ paradise for a while, but allocating long with strong positions you are both comfortable and confident in will result in you not only being stress-free when it comes to the markets but provides you with a great opportunity to trade and realize a significant amount of gains in the process. Continue to allocate long in these market conditions and simply ride the momentum in the markets. Everyone is going to be provided with opportunities; it is just a matter of how you are able to allocate and how much confidence you are able to generate in the process.
For my allocations today, I intend to keep it relatively simple. I have allocations that I will continue to hold in these market conditions, but at the same time, I will be looking to actively scalp and day trade when given an opportunity to do so. This will not come in the form of allocations into the meme stocks (even though I really want to short those positions), but the amount of risks that are involved with attempting to capitalize on that momentum is honestly unappealing. Yes, there is potential, but I’d rather consistently win while trading and go to a baccarat table in the case that I want to gamble. I’ll be looking for both safe and steady opportunities that are presented to us and realize gains in the process with that.
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.
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, $AMC, $GME, $FFIE, $TSLA, $RIVN, $NVDA
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 05/15/2024
MBA 30-Year Mortgage Rate - 7:00 AM
Consumer Price Index (CPI) - 8:30 AM
NY Empire State Manufacturing Index - 8:30 AM
Retail Sails - 8:30 AM
Housing Market Index - 10:00 AM
Notable Earnings for 05/15/2024
Pre-Market Earnings:
Dynatrace (DT)
monday.com (MNDY)
Cresco Labs (CRLBF)
Arcos Dorados Holdings (ARCO)
Dole (DOLE)
MYT Netherlands (MYTE)
After-Hours Earnings:
Cisco Systems (CSCO)
Grab Holdings (GRAB)
Copa Holdings (CPA)
Maxeon Solar (MAXN)
ZTO Express (ZTO)
Hawkins (HWKN)
Wrap up
This is going to be another amazing day for the markets, so let’s make sure to capitalize on the opportunities that are presented to us in these strong conditions and have an amazing time today. There is a high likelihood that $SPY will make a new all-time high today, so cross your fingers and prepare accordingly. This is going to be a fun time, so make sure to realize some gains and practice safe risk management!
Good luck trading, and let’s A NEW ALL TIME HIGH ON $SPY!!!