HaiKhuu Daily Report 05/28/2024
Good morning, and happy Tuesday!
I hope you all had a wonderful three-day weekend and are ready for what will be an extremely quick week for the markets!
We have GDP on Thursday and PCE & PMI coming out on Friday, meaning there are going to be some interesting catalysts for larger movements. There is a very high likelihood that we see a new all-time high this week, as historically, shorter weeks for the markets come with bullish momentum, so let’s see if history repeats itself and provides us with another great opportunity to trade and realize a significant amount of gains in the process.
Make sure to tread lightly and do what you can to maximize your potential for gains!
As a side note, if you have not read my analysis on $NVDA, you can do so HERE!
Good luck trading, and let’s end this month strong!
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
$SPY Daily Candles - [05/24/2024]
Thoughts & Comments from Last Week
Last week was an extremely tough week to navigate in the markets despite us making new all-time highs in the process. We were met with strong market conditions, but extremely choppy and conditions that were extremely difficult to navigate. Traders were able to capitalize on opportunities in both directions, with the ability to continually scalp and trade, while many great gains were generated, while others had the roughest week they’ve had in a while.
We started the week with $SPY looking great, with $SPY opening the week trading at $529.59. Conditions were looking phenomenal as we were testing the previous all-time high, and were looking for a breakout. Conditions were not perfect, but we did watch as $SPY continued to inch up on Monday, displaying short-term confidence, and made a new all-time high $0.04 above the previous high. Tuesday was better for our sentiment as there was general strength in the markets as $SPY broke out again after opening to make the highest official close we’ve seen on record, closing at $531.36.
Wednesday is when things started to get fun; market conditions were not optimal, and we saw a significant amount of bearish momentum as a result of the FOMC minutes coming out, dropping the markets to make a relative low of the week, but after hours, we got $NVDA earnings which drove the markets back up and provided traders with a significant amount of both comfort and confidence. $NVDA blew its earnings out of the water, and we watched as it made a new all-time high and pulled $SPY up to make an all-time high.
Thursday was the roughest day for the markets on an intraday basis. We saw what was the largest moves we’ve seen throughout the entire month, and many traders unfortunately got wiped out as a result. We started the day with $SPY opening at an all-time high and moved up slightly to make the new official all-time high trading at $533.07. Conditions were strong, but the sentiment was conflicting as many people were quickly taking profits from their allocations. $SPY continued to sell off throughout the entire day with strong bearish momentum, where $SPY came down to make a low of the day and official low of the week, trading at $524.72, breaking below the daily conversion line support and recovering slightly into close, where $SPY closed slightly under the daily conversion line, ending the day trading at $525.96, meaning that the markets dropped $7 intraday. That was a deadly time, mostly for those who allocated specifically with the intention of realizing a significant amount of gains.
Friday was a rather uneventful way to end the week. With everyone’s sentiment being confusion and panic, we were setting up for what was a rather more relaxing day. $SPY was relatively neutral on an intraday basis, and we recovered a large majority of the losses that were incurred on Thursday. $SPY moved up $3.50 overall on Friday, where we ended the week trading at $529.44, down 0.02% for the entire week.
If you look at the overall movement throughout the week, with $SPY being down only 0.02%, you’d assume that there was no insane movement in the markets, but we saw a new all-time high in the process, as many traders had an amazing time, while other got unfortunately wiped out. It was interesting to see how the markets moved, but realistically is just part of the insane volatility that has been produced this year. Let’s see what this week has in store for us, and have a great time in the process!
Heatmap - $SPY 05/24/2024
Thoughts & Comments for Today, 05/28/2024
Today is setting up for what should be an extremely exciting week for the markets. With $SPY displaying strength during the pre-market session, I am extremely excited to see where the markets take us from here. I obviously want the markets to continue to rally, and it looks like we are possibly setting up for another meme run. With $GME up heavily as a result of raising almost a billion dollars, traders are extremely confident in the movement, which should hypothetically result in more people buying up $GME, thus moving the price up heavily.
This is not the time to attempt to fight the momentum in the markets, mostly with these meme stocks, but it is an amazing time to realistically look at the markets as a genuine opportunity to realize a significant amount of gains and take on some extra risk. There is a difference between taking on some extra risk and taking on dumb risk, though. Dumb risk is allocating to organizations on pure speculation and praying that everything works out. It never hurts to take on a little bit more exposure in the case that you are confident in an organization or the movement that you are seeing; it is different if you are in a position where you are not comfortable or confident in the movement. Be smart and safe, but be realistic with the expectations that you have. You may be able to catch a runner with these meme stocks, but realistically, do not look to take on dumb risks in these market conditions.
I will say though, that memes running is a catalyst for the markets to continue to move up with strength. With memes moving, what happens is it brings retail traders back into the markets hand over fist, which is an amazing sign for the markets as that means that there is new inflow of traders coming to the markets, and that ultimately is going to cause the markets to continually move up in a self-perpetuating fashion. Look to capitalize on the opportunities and strength in these current market conditions and realize gains wherever possible.
For my allocations today, I will say that I am interested in watching where semiconductors go. I believe they and memes are going to be driving the sentiment throughout the week. Assuming that memes continue to move in the fashion that they are, we are going to be able to see significant movement in the markets that we can very easily capitalize on. I am still holding many equity plays, but it is just a matter of realizing gains consistently as a result afterwards. I may look to actively trade some riskier plays today as a result of the sentiment in the markets, but I do anticipate treading extremely lightly to ensure that I am taking on the appropriate amount of risk where possible.
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, $TSLA, $RIVN, $MSFT, $AAPL, $GME, $AMC, $VHAI
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 05/28/2024
Housing Price Index - 9:00 AM
CB Consumer Confidence - 10:00 AM
3&6 Month Bill Auction - 11:30 AM
Notable Earnings for 05/28/2024
Pre-Market Earnings:
Bank of Nova Scotia (BNS)
Diana Shipping (DSX)
Hello Group (MOMO)
Cae Inc (CAE)
Elbit Systems (ESLT)
After-Market Earnings:
CAVA Group (CAVA)
HEICO Corporation (HEI)
JOYY (YY)
Box, Inc (BOX)
Digital Turbine (APPS)
Wrap up
Hopefully this week has some strong bullish momentum that we all are able to capitalize on and realize a significant amount of gains with. I am excited to see where the market conditions take us, and I hope you are all excited. This should be a great week with lots of opportunities, so let’s take advantage of the strength in the markets and see where we go from here. Make sure to practice safe risk management, and watch out for the conversion line support.
Good luck trading, and let’s see where the markets take us this week!