HaiKhuu Daily Report 06/05/2024
Good morning, and happy Wednesday! This week has absolutely flown by, and I hope you all are excited about today. There are three days until the $NVDA stock split, and the markets are acting extremely volatile. Thankfully, $SPY is up slightly at the time of writing this report, and market conditions are looking strong going into the open.
By the way, big news for the markets. $NVDA has become the #2nd most valuable company in the world, surpassing $AAPL, only being beaten out at the moment by $MSFT!
Look to follow the market momentum and maximize the opportunities presented to you to realize some gains. This will be an extremely fun day with many great opportunities presented to us, so tread lightly, practice risk management, but realize a significant amount of gains!
Good luck trading, and let’s have some fun!
The updated $SPY daily levels are as follows:
Conversion Line Support: $525.72
Baseline Support: $516.31
Psychological Support: $500
Daily Cloud Support: $505.55
$SPY Daily Candles - [06/04/2024]
Thoughts & Comments from Yesterday, 06/04/2024
Yesterday was a confusing day for the overall markets, but it provided us all with some amazing opportunities to trade and capitalize on the volatility. I’m very happy we were able to shout out a lot of different great plays yesterday, including many alerts on $GME on an intraday basis!
We started the day with $SPY trading at $526.47. Conditions were not perfect at open as $SPY opened down, but we watched as there was some strong bullish momentum early in the morning. Conditions were not absolutely perfect, as there was a significant amount of chop, but markets, thankfully, did move up accordingly. After the two hours of the trading day, we watched as $SPY slowly sold off, leading into the lunchtime lull, where $SPY went on to make the official low of the day, trading at $524.96.
During the afternoon, $SPY did move up extremely nicely, breaking out and displaying relative strength during that time. $SPY quickly went from trading at the low of the day to going black for the day within half an hour to officially going green for the day leading into power hour. Again, conditions were not 100% perfect, but we were thankfully extremely excited to see that $SPY did continue to move up during that time rather than continuing to be choppy and bearish.
Leading into powerhour, $SPY did go on to make the official high of the day trading at $529.15, but at the start of power hour, we did watch as the markets were quickly sniped right back down to test $527, prior to recovering into close. We ended the day yesterday with $SPY trading at $528.39, up $0.60 for the day, or up roughly 0.1%.
Overall, it was an extremely tough day to navigate, but if you simply went long great opportunities once there was a sign of reversal, you should have had no problem at all realizing some gains! Let’s see what the markets have in store for us today and realize some gains in the process!
Heatmap - $SPY 06/04/2024
Thoughts & Comments for Today, 06/05/2024
Today will be a rather interesting day for the overall markets. With all of the conflicting sentiment that has been going on, I am expecting to see a significant amount of chop and volatility in the markets, which is beautiful as that means there are more opportunities for us to trade and realize significant gains. Please be careful navigating these conditions as many people are finding it extremely difficult to remain consistent while markets are choppy, but thankfully, we are in a place where, realistically, we should be able to capitalize on the opportunities in these market conditions with no problem.
The biggest thing I have to recommend to everyone at this time is when you are looking at a position that you want to enter for a quick day trade or scalp, look until there is a sign of a reversal and a sign of a breakout prior to entering. You all know my sentiment when it comes to terrible organizations that are trending (i.e., $GME), but at the same time, you all know that I love to look for opportunities. I would not ever say that you should buy $GME to blindly hold that position, but at the same time, if you are given an opportunity to allocate into $GME, it is a high beta play that, if timed out perfectly, could play out extremely well. We were able to call out multiple entries perfectly yesterday on $GME and had lots of fun doing so in the process. Just wait for the perfect moment to strike. Anyone who strikes too early will get burnt, and anyone who strikes too late will miss out on an opportunity. Be smart, be safe, and be diligent when it comes to allocating.
I do believe that market conditions should only continue to get better the closer we get to the election season. Lots of volatility is in the markets right now, but at the same time, we have many catalysts for the markets to continually move up. We have the $NVDA stock split coming up soon, retail is flooding the markets leading into the summer session, and the burners are on Biden right now as he tries to stimulate the economy to attempt to get re-elected. I think assuming there are no events that would blindly tank the markets, we could very, very easily have the ability to continually make new all-time highs leading into the election season. Take that statement with a grain of salt, but know that it is a realistic possibility!
For my allocations today, I will be looking at a lot of these semiconductor organizations. With $NVDA moving up heavily at the moment, I think I should be able to capitalize on the momentum in the markets and realize gains in the process. I do not think that these will net me any sort of life-changing money, but I think that I should be able to realize gains consistently today by catching the right opportunities. I’ll scalp when given a chance, but my same sentiment remains where I am still not comfortable going long as many organizations are heavily overpriced, but at the same time, I do not want to miss out on any opportunities that are presented to me!
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, $GME, $AMC, $TSLA, $RIVN, $AAPL, $MSFT, $NVDA, $INTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 06/05/2024
ADP Employment Change - 9:15 AM
S&P Composite PMI - 9:45 AM
S&P Services PMI - 9:45 AM
ISM Non-Manufacturing PMI - 10:00 AM
Notable Earnings for 06/05/2024
Pre-Market Earnings:
Dollar Tree (DLTR)
Ollie's Bargain Outlet (OLLI)
United Natural Foods (UNFI)
Campbell Soup (CPB)
Hibbett Sports (HIBB)
REV Group (REVG)
DouYu International (DOYU)
Global Blue (GB)
Lands' End (LE)
VersaBank (VBNK)
After-Market Earnings:
Lululemon Athletica (LULU)
ChargePoint (CHPT)
Victoria Secret (VSCO)
Five Below (FIVE)
Greif (GEF)
Semtech (SMTC)
Sprinklr (CXM)
Couchbase (BASE)
Smartsheet (SMAR)
Wrap up
Hopefully, today is a significantly better day for the markets with a decisive movement we can all capitalize on with confidence. Tread lightly as I am still expecting choppy market conditions, but if we are able to see a breakout in the markets, we should have almost no problem at all realizing gains consistently in the process. Make sure to practice safe risk management and seize any opportunities that are presented to you!
Good luck trading, and let’s see what $SPY has in store for us!