HaiKhuu Daily Trading Report

Good morning, and happy Friday!

This week has absolutely flown by, and I hope you all survived yesterday and are ready for today. Yesterday was one of the most unexpected large movements in the markets that we’ve seen in a while. Everyone was excited about $NVDA earnings, only to get shot right back down. Please tread lightly in these market conditions, as we are trading at the daily support level, and no one genuinely knows which direction we are headed today.

Expect to see a significant amount of volatility in the markets today, as I am expecting to see a lot of difficulty leading into the long weekend as people are already relaxing and not actively trading today. If you have forgotten, this is just a reminder that the markets are CLOSED on Monday for Memorial Day.

We should capitalize on the opportunities presented to us but protect your bottom line as we are back to daily support on $SPY!

Good luck trading, and let’s see what the markets decide to do today!

The updated $SPY daily levels are as follows:
Conversion Line Support: $526.82
Baseline Support: $513.47
Psychological Support: $500
Daily Cloud Support: $510.62

Thoughts & Comments from Yesterday, 05/23/2024

Yesterday was an absolutely disgusting day for the markets, with continual bearish momentum. This made it extremely difficult not only to trade but also to watch it happen, as every dip we saw seemed like a dip-buying opportunity, and traders got absolutely burned as a result. I hope you all were able to capitalize on the momentum with $NVDA and dodged the sea of bullets that was the rest of the markets.

We started the day with $SPY making a NEW all-time high during the pre-market session, testing $534, before coming down ever so slightly during the pre-market session, where we opened the day with $SPY trading at $532.90, and watched as $SPY quickly started to sell off. Before selling off, we did watch the $SPY make the official high of the day, trading at $533.07, which is the NEW official all-time high.

There was only continued bearish momentum for the first half hour of the day, as $SPY quickly came back to officially go black for the day, hovering around $530 consistently before attempting to move. Surprisingly, we only continued to chop within a relatively tight range for multiple hours, trending at $530 with no significant movement in any shape or form.

As the back half of the trading day developed, $SPY did start to sell off slowly, but just as any good snowball forms in those old cartoons, what starts off small and slow quickly engulfs everything in its wake. $SPY quickly went from trading at $530 to making the official low of the day, trading at $524.73 within an hour.

Thankfully, the markets did recover ever so slightly from the low of the day into close, where we officially ended the day with $SPY trading at $525.96, down roughly $4 for the day, or 0.73%, with an intraday bearish movement of roughly $8. It was a genuinely disgusting day for the markets after all of the optimism we saw. There was an opportunity for people to have an amazing time, but the markets sold off heavily, and we had a terrible time. Again, I hope you all were able to capitalize on the opportunities that were presented to us, and dodged the sea of bullets that was the rest of the markets.

Thoughts & Comments for Today, 05/24/2024

Today is going to be an extremely interesting time for the overall markets. We are being presented with a significant number of opportunities, but there is a lot of skepticism and doubt about these conditions. We are actively testing the daily conversion line support at the moment, but with the overall strength in the markets, I would not attempt to be bearish. This is the time to look for opportunities that you can capitalize on and attempt to realize gains with ease.

One thing that I would warn you all about today is that I am expecting to see decreased volume and momentum in the markets as a result of the markets being closed on Monday. People will take today off to start their weekends early. This will be an interesting time because of the underlying conditions in the markets. We have market strength overall but short-term weakness, and with that short-term weakness, I am not expecting to see any sort of significant shift in the sentiment in the short term. There is a chance the markets decide to rally today, but I think that realistically it is a very low potential of happening. Expect to see choppy market conditions that are difficult to navigate today.

If you are attempting to trade, just be careful with the stops that you set in place while practicing risk management. If market conditions are extremely choppy, I am expecting the markets to consistently hit people’s stop losses throughout the day, making trading difficult and, even worse, if you are attempting to realize gains. So please be careful while trading today, and realize gains when given the possibility to do so.

For my allocations today, I want to be bullish, but I am hesitant at the moment, like the majority of other traders right now. I want to see the markets move up nicely and provide us all with the ability to realize gains with both comfort and confidence, but it is just a matter of being able to do that consistently throughout the day. I will try to find opportunities to scalp in these market conditions and attempt to do what I can to maximize gains, but assuming that conditions do not remain optimal, I will not over-allocate and will not trade until I have both comfort and confidence.

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, $NVDA, $AMD, $INTC, $TSLA, $RIVN, $ULTA, $LULU

LONG OPPORTUNITIES:

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

Economic News for 05/24/2024

Durable Goods - 8:30 AM
Fed’s Waller Speaks - 9:20 AM
Michigan 1&5-Year Inflation Expectations - 10:00 AM

Notable Earnings for 05/24/2024

Pre-Market Earnings:

Mesa Laboratories (MLAB)

Wrap up

Hopefully, market conditions will improve, but realistically, I am expecting to see a significant amount of chop, making trading extremely difficult and inconsistent today. Please tread lightly and allocate accordingly. I would usually say attempt to realize as many gains as possible, but this is the time to be a little more defensive and protect your bottom line. So, let’s see what the markets have in store for us today and prepare accordingly.

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

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HaiKhuu Daily Report 05/24/2024