HaiKhuu Daily Report 06/17/2024
Good morning, and happy Monday! I hope you traders all had a fun weekend and are ready for another exciting week for the markets! We have an interesting week ahead of us, with markets closed on Wednesday for Juneteenth, so there is a weird break in the middle of the week, making this a shorter week. We do have major economic news coming out throughout the week though, with the largest events happening on Thursday and Friday. We have Jobless Claims & Housing Starts on Thursday, and all of the separate PMIs coming out on Friday! So expect to see some volatility in the markets, and prepare accordingly!
One thing that I think is extremely interesting, is that there are a lot of people online starting to talk about how they are starting to see a sign of reversal here, but there is no confirmations of that happening yet in anyway shape or form, so please continue to tread extremely lightly on these market conditions and do not give these naysayers any weight, but just know that it is happening in the background. Market conditions are still extremely strong, and we will let you know if there is a possibility of a reversal coming!
Good luck trading, and let’s have an amazing week!
The updated $SPY daily levels are as follows:
Conversion Line Support: $534.54
Baseline Support: $530.41
Psychological Support: $500
Daily Cloud Support: $509.24
$SPY Daily Candles - [06/14/2024]
Thoughts & Comments from Last Week
Last week was an amazing week for the overall markets. There was a significant amount of strength in the tech sector as $AAPL and $NVDA lead the charge. We continued to make new all-time highs in the markets as $AAPL rallied after their developer conference. There was mixed sentiment across the market, but all that matters to us, is the amount of strength as a result of many major tech organizations displaying both strength and confidence.
We started the week with $SPY opening at $533.21. Conditions were strong as we were making a relative high at that time, but conditions remained relatively neutral until Wednesday as we watched as $SPY broke out on major economic news.
Markets ripped during the pre-market session on Wednesday, as CPI came back strong, causing us to gap up on the daily, and continued to make new all-time highs in the process. Conditions were great, but were relatively slow as traders remained cautious yet optimistic as we had the FOMC’s decision on the interest rate, and Jerome Powell speaking. Rates remained the same, so we didn’t cut like the ECB, and watched as markets were extremely volatile while Jerome was speaking. $SPY went on to make the official all-time high trading at $544.12 before quickly coming down after Jerome Powell finished speaking, where we ended Wednesday beautifully green overall, but red intraday.
Thursday and Friday were relatively uneventful after the insane movement we saw on Wednesday, but thankfully, we were able to remain extremely consistent during that time, and did not lose the majority of the gains that were generated on Wednesday.
We ended the week with $SPY trading at $542.78, up $9.51 or up 1.8%, with that being one of the largest bullish weeks we’ve seen in a while.
Market conditions are continuing to display both strength and confidence, and I hope that all of you were able to capitalize on the opportunities that were amongst us. Many traders should not have had any problems at all actively trading, or realizing gains. So, I hope you all had a lot of fun trading last week, and are ready for what should be another week of amazing opportunities!
Heatmap - $SPY 06/14/2024
Thoughts & Comments for Today, 06/17/2024
Today is going to be a rather interesting time for the markets. With the sentiment that I talked about before, I believe that many traders are going to be extremely conflicted at the time about their sentiment. I’ve heard many traders talking about their extreme bearish cases, but at the same time, I’ve heard that many traders are continuing to be extremely bullish, so I will remain relatively neutral in this report as I often try to be, but give you both sides of the story.
I will say that market conditions are extremely strong, and that this is not the time to attempt to fight the markets. People have attempted to fight the market momentum over the previous couple of months, and as a result of attempting to fight this momentum, they’ve been heavily burnt. I am not saying they are incorrect over their sentiment, because their sentiment is 100% justified, but it is just a matter of market conditions remaining strong.
We’ve moved up what is honestly an irrational amount over the previous couple of months, and that has made trading extremely difficult to do with confidence, but again, market conditions are extremely strong, it is just a matter of how much we can continue to move up, before we really start coming down. Many organizations are heavily overvalued, and that is apparent to many traders, but again, it comes down to the fact that despite markets being overvalued, and many traders being bearish, conditions are still strong and this is not the time to fight the momentum.
If you are attempting to short the markets on a larger timeframe, these conditions are still irrational at the moment, as there is too much strength in the markets, but at the same time, equities are way too over valued to continue to allocate with confidence. I personally am not allocating long into organizations at this point, nor would I advise you to, but again, just because we are not allocating, does not mean that the markets will come down.
The best way to allocate into these market conditions, at least in my opinion, is by continuing to actively scalp and day trade on an intraday basis. If you are already holding long positions at a wonderful price, it never hurts to continue to hold those positions with confidence, but please make sure to set a stop in profit on those positions, and continually move your stop up to guarantee more profits in the process.
I will say that I believe that we are getting close to the top at this point, but we are not seeing an official reversal yet. I believe that crypto is going to be the catalyst for the markets to come down. It is now just a matter of time before we do start to come down. I was at the pool yesterday having a casual conversation when a random individual walked up to me and started talking about how it is the meme-coin summer, and kept saying extremely outlandish things that realistically, is a signal to me that the top is coming. So please continue to tread lightly, once crypto and semiconductors start to come down, will be the time that I become overly bearish in these market conditions, and I think we will have a lot of fun fighting the dumb money.
For my allocations today, I will say that I do not plan on allocating at all in anyway shape or form. This is not due to market conditions or sentiment, but for personal reasons today. I also do not anticipate trading tomorrow, but will be back and trading again full time on Thursday. So thank you all again for understanding.
Side note- We will be pushing a major upgrade to the discord in a couple of days, so be on the lookout for those opportunities when they arise!
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, $AAPL, $TSLA, $NVDA, $RIVN, $MSFT, $AMD
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Economic News for 06/17/2024
NY Manufacturing Index - 8:30 AM
Fed’s Harker Speaks - 1:00 PM
Notable Earnings for 06/17/2024
Pre-Market Earnings:
No Earnings Scheduled
After-Hours Earnings:
Lennar (LEN)
La-Z-Boy (LZB)
Wrap up
This is going to be an amazing day for the markets, so please continue to capitalize on the opportunities that are being presented to us, and have some fun in the process. Many traders should be able to realize gains while attempting to trade today with relative ease, so take advantage of the strength in the markets while it is here, and have an amazing time.
Good luck trading, and let’s see what this week has in store for us!!!