HaiKhuu Daily Trading Report

Good morning, and happy Friday!!!

I hope you all are doing well and are LOVING these market conditions! $SPY has made a NEW all-time high and is relatively neutral at the time of writing this report. This is going to be an extremely interesting time for the markets, as anything can realistically happen in these conditions.

Tread lightly on these conditions. Yes, $SPY can very easily break out and make a new high, but at the same time, $SPY can come down with relative ease. Practice safe risk management and protect your bottom line. Regardless of the direction the markets decide to go today, there will be a lot of confusion and volatility, so capitalize on the opportunities presented to us, and let’s maximize our realized gains!

Good luck trading, and let’s see what the markets have in store for us!

The updated $SPY daily levels are as follows:
Conversion Line Support: $523.33
Baseline Support: $512.69
Psychological Support: $500
Daily Cloud Support: $517.30

Thoughts & Comments from Yesterday, 05/16/2024

Yesterday was an interesting time for the overall markets, with $SPY hitting a NEW all-time high; there really was not much to complain about, if anything, to complain about at all. We did have some tough overall momentum to have to fight against as market conditions slowed down and sold off, but with a NEW all-time high on $SPY and a sell-off afterward, traders could have capitalized on both directions with ease and played either direction with both comfort and confidence.

We started the day with $SPY opening the day at $529.86, relatively flat from the previous close, but watched as $SPY rallied throughout the early morning, continuing to make NEW all-time highs in the process and providing any bullish trader with a beautiful opportunity to ride the momentum. We made the official high of the day yesterday, trading at $531.52, which is now the official ALL-TIME HIGH on $SPY, and watched as conditions got a little bit choppy above $530. After making the official all-time high, we watched as $SPY remained in a state of confusion during the lunchtime lull, and as volume and momentum started to come back into the markets, we watched as there was a slight bearish trend, as markets sold off.

During the afternoon, there was no good momentum as markets remained extremely choppy and bearish, making it difficult for both the bulls and the bears. Everything was inconsistent, but we were provided with what was genuinely an amazing opportunity to trade both directions.

The markets did sell off any recoveries that were presented to us and ultimately sold off once again, leading into the close, making the official low of the day in the final candle, trading at $528.55 before $SPY closed the day, trading at $528.69. Overall, for the day, $SPY was down roughly $1 or 0.2%. It was a tougher day to navigate the overall markets, but at the same time, $SPY made a new all-time high in the process before coming back down. So, I hope you all did well and were able to capitalize on the opportunities that were presented to us. Conditions were beautiful and we were presented with an amazing day for the overall markets. Let’s see what today has in store for us and prepare accordingly!

Thoughts & Comments for Today, 05/17/2024

Today is going to be a toss-up day for the direction of the markets, but I think that, realistically, this is going to be another insane and amazing day for the overall markets. With the way that everything is playing out, there has been a significant amount of insanity in the markets that no one honestly expected, and if you said that you expected this, man, you are lying to yourself.

The movements we have seen in the markets over the previous couple of days have been extremely irrational and have positively benefitted the markets but made trading difficult and inconsistent. If you are getting into the markets now or are attempting to catch the next runner, one thing that I do want to bring up is the concept of practicing safe risk management. With many newer traders coming back into the markets, just know that conditions are optimal at the moment, but at the same time, we are seeing a significant amount of difficulty remaining consistent with meme season among us.

This is an amazing time to trade, and people who take on a significant amount of risk and are correct, will generate a significant amount of realized gains, but just remember that this is not a strategy that is consistent. Look for opportunities to have some fun and take on some risk while the iron is hot and optimal, but tread extremely lightly, as despite the conditions remaining optimal, conditions will change with time. Have some fun while you can, but protect your bottom line. I’ve seen time and time again over the years that traders have been able to generate a significant amount of income in a short period of time playing memes and trending organizations, but I’ve also seen those same individuals lose everything and then some in one quick swoop. So please be careful, practice safe risk management, and protect your bottom line.

For my allocations today, I do intend on being a little bit more passive with my allocations. With the movement of the markets over the previous couple of days, I am genuinely uncertain about the markets and the direction they are headed. I am not confident in playing either direction at this point, where I do not want to fight the strength and momentum of the markets, nor do I want to allocate at this relative top. I may look to scalp when I am given an opportunity to do so, but at the same time, I honestly just want to have consistent opportunities in the markets that I can capitalize on with both ease and comfort. I will not be taking on a significant amount of risk via scalping many of these meme plays, but I will be consistently watching everything for your sake!

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, $FFIE, $GME, $AMC, $AMD, $NVDA, $LULU, $ULTA, $RIVN, $TSLA

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU

Economic News for 05/17/2024 (ET):

US Leading Index - 10:00 AM
Fed's Waller & Kashkari Speak - 10:15 AM
Fed’s Daly Speaks - 12:15 PM
US Baker Hughes Oil Rig Count - 1:00 PM

Notable Earnings for 05/17/2024

Pre-Market Earnings:

RBC Bearings (RBC)
H World Group (HTHT)

Wrap up

This is going to be an INSANE day for the general markets with many opportunities to trade and realize a significant amount of gains. Do what you can to maximize the profits you are able to generate, but at the same time, make sure to practice safe risk management and limit that downside risk. Many people are going to have an amazing day today, but some people are going to be unfortunately wiped out, so tread lightly and have an amazing time. just remember that the markets are not a sprint; it is a lifelong marathon. Don’t kneecap yourself today trying to win the lotto; if you want to gamble, go to a casino and play some baccarat.

Good luck trading, and let’s end this week strong!

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HaiKhuu Daily Report 05/17/2024