HaiKhuu Daily Report 05/29/2024
Good morning, and happy Wednesday!
Markets are in a relative state of confusion, and I hope you all are ready for what is going to be an interesting yet volatile time. At the time of this report, markets are down slightly, and $NVDA is currently leading the bloodshed. Please tread extremely lightly on these market conditions and prepare for what could be a rather tough day to navigate while losses are being actively generated.
If the markets keep up this momentum, today can be an extremely bloody day. So tread lightly on these market conditions, and do what you can to minimize losses that can be generated. Tread extremely lightly, knowing that for the next week, markets will be extremely volatile as a result of $NVDA earnings. So tread lightly and have some fun in the process. A little bit of luck will be involved with realizing gains today, but skill and talent will keep you consistent.
Remain consistent, tread lightly, and protect your bottom line today.
Good luck trading, and let’s see where the markets take us.
The updated $SPY daily levels are as follows:
Conversion Line Support: $528.90
Baseline Support: $514.25
Psychological Support: $500
Daily Cloud Support: $508.27
$SPY Daily Candles - [05/28/2024]
Thoughts & Comments from Yesterday, 05/28/2024
Yesterday was a tough day for the overall markets. $SPY was relatively flat and continually choppy at the $530 level. There were opportunities to trade in either direction, but assuming you were not able to time out your position perfectly, you would have had a difficult time realizing gains consistently throughout the day. Outside of $NVDA moving up, the markets were extremely neutral, and most organizations were unfortunately red.
We started the day with $SPY, opening the day at a relative high of $530.21, and moved up quickly to make the official high of the day, trading at $530.50. After peaking everyone’s interest ten minutes into the day, $SPY quickly game down to officially go black for the day, trading right around $529.50, remaining within an extremely tight range, bouncing off of the $530, and continually chopping around. Conditions were not ideal in any way, shape, or form, but there were consistent opportunities to actively scalp throughout the trading day.
Thankfully, during the back half of the trading day, we did start to get some momentum in the markets as $SPY went from chopping at $530 to dropping and making the official low of the day, trading at $527.11, before quickly recovering all of the losses with a solid bullish movement during powerhour. We ended the day with $SPY trading at $529.81, right back to where it was trading for the large majority of the day, ending the day extremely neutral from open.
It is tough the reality of the markets at times, where $NVDA was up 7%, but $SPY was neutral, meaning that almost every other organization behind it was a laggard, but thankfully, there were opportunities to actively trade. Hopefully, you all were able to realize a significant amount of gains while trading yesterday and let’s see if markets are more favorable for us today.
Heatmap - $SPY 05/28/2024
Thoughts & Comments for Today, 05/29/2024
Today is going to be a confusing day for the markets. With the sentiment building during the pre-market session, many traders will be extremely hesitant when considering allocations today, and that, in my opinion, is completely justified. With the irrational ways the markets have been moving over the previous couple of trading days, it is extremely difficult to navigate the markets with confidence. If you are feeling relatively uneasy about these market conditions, just know that you are not alone, as many traders are feeling the same sentiment right now. Just remember that not forcing or making any positions is still a position.
Just make sure to follow the momentum in the markets if you are trading and to practice safe risk management today. This is going to be a tough day where I expect to see a significant amount of chop, and realistically, assuming conditions are not favorable, just sit back and watch until an opportunity presents itself.
The one thing that I just want to warn you about is to make sure that you are practicing safe risk management. With the movement we’ve seen in the markets over the previous couple of days, it has been extremely easy to trip and fall as a result of choppy and inconsistent market conditions. If you are not comfortable with your ability to trade or consistent enough to navigate the chop, I am sure that you’ve unfortunately second-guessed your personal allocations and realized losses as a result of that. It is always unfortunate to hear that losses were generated, but that is just a part of being in the market. Just continue to move forward and make up all of the losses that have been generated.
The other half that is always unfortunate is in the case that you call a position correctly but, unfortunately, cut your position too soon. Just remember that in the case this happens, that you’ve realized gains in the process, and that you were happy taking profits at the level you cut it at. No one knew that the position was going to continue to go in your favor, so shrug off the fact that you missed out on some gains and be happy knowing that, regardless, you remained consistent in the markets.
The worst thing that can happen in these conditions is honestly just continually realizing losses attempting to play choppy market conditions where you are getting stopped out in both directions, generating losses consistently, and then ultimately, stop trading, only to watch the position work out in the ways that you.
For my allocations today, I do not anticipate actively trading as much, but I will still be looking out for opportunities when they present themselves. Hopefully, we will see some great momentum in the markets that we can capitalize on with both comfort and confidence, but I am not overly excited or ambitious with the intention of allocating long with confidence. I’ll scalp and day trade when I have a chance, but I will be focusing more on cooling out positions when I can.
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, $VHAI
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 05/29/2024
MBA 30-Year Mortgage Rate - 7:00 AM
7-Year Note Auction - 1:00 PM
Notable Earnings for 05/29/2024
Pre-Market Earnings:
Abercrombie & Fitch (ANF)
Chewy (CHWY)
DICK'S Sporting Goods (DKS)
Advance Auto Parts (AAP)
Bank of Montreal (BMO)
Columbus McKinnon (CMCO)
After-Market Earnings:
Salesforce (CRM)
C3.ai, Inc (AI)
Agilent Technologies (A)
HP Inc (HPQ)
American Eagle Outfitters (AEO)
Capri Holdings (CPRI)
U-Haul Holding (UHAL)
Wrap up
Hopefully, the markets will not be as choppy today, and we will see some decisive movements in the markets. Please make sure to tread lightly and practice safe risk management when you can. These conditions are going to be tough to navigate, but at the same time, provide us with an amazing opportunity to trade and realize a significant amount of gains. Let’s have some fun and realize some gains today, but as always, protect our bottom line.
Good luck trading, and let’s see what the markets end up doing!