HaiKhuu Daily Trading Report

Good morning, and happy Thursday! Market conditions are looking rather rough at the time of writing this report. $SPY is continuing to slowly sell off, and conditions are looking both tough and extremely confusing. Please continue to tread lightly as markets are slowly trending down, but remember that we have major economic news coming out both today and tomorrow during the pre-market session, meaning there are catalysts for a large movement that could be in our favor or working against us.

Look to seize any opportunities to realize gains in these market conditions, but again, this is the time to remain relatively passive and to practice safe risk management while the markets are confused.

Markets are still extremely strong but are just displaying weakness at the moment. With $SPY trading less than 2% away from the previous all-time high, it is interesting that we are on the lower end of neutral on the fear and greed index.

Take advantage of these market conditions, and let’s realize some gains!

Good luck trading, and let’s see where $SPY takes us today!

The updated $SPY daily levels are as follows:
Conversion Line Support: $528.90
Baseline Support: $515.28
Psychological Support: $500
Daily Cloud Support: $507.95

Thoughts & Comments from Yesterday, 05/29/2024

Yesterday was a tough day for the general markets, as conditions were slow and uneventful. We watched as $SPY continually chopped throughout the day, and with no large directional movements made it extremely difficult to trade. There were opportunities for scalpers to attempt to capitalize on the choppy conditions, but it was extremely difficult to remain consistent on a day like yesterday.

We started the day with $SPY opening at $525.74, down significantly from the previous close, but watched as $SPY did move up nicely from the open price, going on to make the official high of the day trading at $527.31 approximately two hours after open. Conditions were not ideal at that time as $SPY was still down heavily from the previous close, but it provided traders with an opportunity to buy and trade the dip.

After making the official high of the day, $SPY continued to trend down. We continued to trade around the $526 intraday support, chopping around that level and displaying relative weakness in the process. Unfortunately, markets were extremely uneventful during that time. $SPY remained relatively neutral, with no good opportunities to scalp outside of a tight $1 range. I wish there were more to be said, but it is tough when markets do absolutely nothing in the process.

We ended the day with $SPY remaining around that $526 intraday support, closing the day officially trading at $526.10, down $3.71 for the day, or down roughly 0.7%. There was an intraday bullish movement of roughly $0.35, but that movement is honestly insignificant. It was a rough day to attempt to scalp and trade, but that is just a part of life and part of being in the markets. Hopefully, we see a more decisive move in the markets soon that we all can capitalize on! Let’s see what the markets have in store for us today and prepare accordingly!

Thoughts & Comments for Today, 05/30/2024

Today is setting up to be another interesting day for the markets. Given the conditions over the previous couple of days, I am expecting to see some choppy market conditions with a slight bearish undertone. It sounds like I am talking about some sort of red wine, but the only thing I am talking about is these red markets.

Please be careful and tread lightly on these conditions. $SPY is not looking the best this week, and we have only continued to sell off over the previous couple of trading days. In the case that $SPY does continue to sell off, I am expecting to see $SPY come to test $520 within the next couple of trading days, with a chance that it will hit today. Obviously, this would not be ideal in any way, shape, or form if it were to happen today, as that would mean that $SPY has fallen roughly 3% in less than a week, but that is just part of being in the markets.

If market conditions do become more favorable, look to follow the momentum and look to trade where there is an opportunity to do so, but in the case that market conditions remain choppy, the same sentiment remains from yesterday that it would be more favorable to sit on the sidelines and wait for an opportunity to trade that you have confidence in. Forcing a trade just because you feel the “need” to trade is only going to result in you over-trading and, statistically, realizing losses in the process. Remain level-headed, and remember that not creating a position is still a position to take in the markets. You may miss out on opportunities here in the short term, remaining passive, but missing out on an opportunity is a lot better than realizing losses.

Please just make sure to tread extremely lightly in these market conditions, though. Obviously, conditions can shift at any time and become more favorable, but practicing safe risk management is key in times like this. If you generate a significant amount of losses here in the short term, you will have difficulties allocating when your portfolio is down 50%.

Look for opportunities to buy deep value in the markets right now. There are a couple of plays that I am interested in but am not allocating into yet. Once those positions start to become more favorable, I will let you all know when I personally enter, one of which is $INTC. I am not buying this organization anytime soon, but when I do start to load up on that equity, I will let you all know, and we can capitalize on it today.

For my allocations today, I do intend to remain passive in these choppy market conditions because I am not comfortable or confident in allocating heavily in these conditions. I will look out for opportunities to trade and announce any positions I am possibly interested in, but again, these are the conditions that I personally am not overly excited about, and would rather not force plays that are not optimal. I am still holding many of my long positions, and do not intend on selling those plays anytime soon.

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, $AAL

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA

Economic News for 05/30/2024

Jobless Claims - 8:30 AM
PCE Prices - 8:30 AM
GDP - 8:30 AM
Consumer Spending - 8:30 AM
Pending Home Sales - 10:00 AM

Notable Earnings for 05/30/2024

Pre-Market Earnings:

Canopy Growth (CGC)
Dollar General (DG)
Foot Locker (FL)
Kohl's (KSS)
Hormel Foods (HRL)
Best Buy (BBY)
Birkenstock (BIRK)
Build-A-Bear (BBW)
Cracker Barrel (CBRL)
Burlington Stores (BURL)

After-Market Earnings:

Costco (COST)
Dell Technologies (DELL)
Zscaler (ZS)
Marvell Technology (MRVL)
ULTA Beauty (ULTA)
NetApp (NTAP)
Nordstrom (JWN)
Gap (GPS)

Wrap up

Hopefully, today presents us with better opportunities to trade with more consistent market momentum. If markets remain choppy, please tread extremely lightly and make sure to practice safe risk management. Many traders will have difficulties allocating consistently if markets remain less than optimal, but again, choppy market conditions are just a part of being in the markets. Let’s take advantage of the opportunities that are presented to us and do what we can to maximize our profit potential.

Good luck trading, and let’s see if $SPY remains choppy!

Join Our FREE Trading Community!

HaiKhuu Daily Report 05/30/2024