HaiKhuu Daily Report 06/24/2024
Good morning, and happy Monday! I hope you traders all had a wonderful weekend and are ready for what should be another exciting and eventful week for the markets! Markets are up slightly at the time of writing this report, but it is nothing to be overly ambitious about. This movement up is just confidence over the fact that the markets didn’t absolutely tank in the process.
We do have major economic news and earnings this week, so be on the lookout as there is a bunch happening, including:
Tuesday - Consumer Confidence 10 am EST
Earnings: $CCL (Pre) / $FDX (AH)
Wednesday - New Home Sales - 10 am
Earnings: $MU (AH)
Thursday - GDP Final - 8:30 am
Jobless claims - 8:30 am
Durable Goods - 8:30 am
Pending Home Sales - 10 am
Earnings: $WBA (Pre) / $NKE (AH)
Friday - Core PCE - 8:30 am
Inflation Expectation - 10 am
This is going to be a fun week with a significant amount of volatility. Just remember, markets are strong, but we are seeing short-term fear in the markets as a result of the ongoing market conditions. Please tread lightly and practice safe risk management, but there is absolutely zero reason why we should not look to take advantage of these conditions while we can.
Let’s have some fun and realize a significant amount of gains.
Good luck trading, and let’s see where $SPY takes us this week!
The updated $SPY daily levels are as follows:
Conversion Line Support: $541.09
Baseline Support: $534.24
Psychological Support: $500
Daily Cloud Support: $510.27
$SPY Daily Candles - [06/21/2024]
Thoughts & Comments from Last Week
Last week was an interesting week for the markets, with new all-time highs, opportunities to generate life-changing money, and opportunities to get burned. Traders felt the full spectrum of emotions when it came to trading. Regardless of people’s sentiments, market conditions were beautiful and provided us with many opportunities to trade in any direction and capitalize on wild market conditions.
Markets started the week trading extremely strong, providing us with many opportunities to trade. We opened Monday with $SPY opening at $542.09. There was a slow movement early in the day, but throughout the day, $SPY went on to continually push new all-time highs, pushing almost irrationally. We did drop slightly into close, but $SPY made a record close trading at $547.10.
Tuesday was a beautiful day as $SPY continued to rally and make new all-time highs. The movement on Tuesday was not as significant as Monday’s, but it still was a lot of fun watching the markets continually move. We ended Tuesday with $SPY, closing the day out at $548.49.
The markets were closed on Wednesday, so it was relatively uneventful, but Thursday is where the fun really happened in the markets last week. As everyone was ambitious to trade, $SPY opened the day at a new all-time high, opening at $549.44, before going on to make the new official all-time high, breaking above the $550 resistance level for a brief moment before starting the reversal from the top. $550 was a tough resistance to break out of, and will be a point of contention in the future, and an active level we will have to manage and test. But regardless, we rejected that level, and continually came down for almost the entirety of the day, making the official low of the day leading into close, where we ended Thursday with $SPY trading at $545.24.
Conditions were not ideal for Friday, and that realistically was uncalled for as $SPY was strong, and it was witching. Everyone expected to see a significant amount of volatility and lots of difficulties attempting to trade consistently, but as I say, C’est la vie. Markets were extremely choppy and remained within an extremely tight range throughout the entire day, where we did not see any significant movements in the markets. Conditions were tough to navigate and extremely choppy. We didn’t see any real significant movement in the markets until the final 10 minutes of the trading day, and even then, it was more so just large wicks impacting the markets than anything.
We ended the week with $SPY trading at $544.51, up roughly $2 throughout the week or up roughly 0.3%. It was a beautiful week for the markets, with new all-time highs but tough momentum to capitalize on with both comfort and confidence. Hopefully, you all did alright trading last week, and are ready for what should be another extremely fun week!
Heatmap - $SPY 06/21/2024
Thoughts & Comments for Today, 06/24/2024
I believe that this is going to be an extremely fun week for the markets. I am expecting one of two scenarios to come to fruition: either we watch as $SPY goes on to make a new all-time high, or we will watch as $SPY sells off and comes down accordingly. Obviously, I want the markets to continually move up as any rational person should want, but realistically. This is a warning that market conditions have been extremely hot over the previous couple of weeks, and realistically, I would expect that the markets have a higher likelihood of coming back down to daily conversion line support from this point than hitting a new all-time high.
I will say that this is not me being hyper-bearish in the markets. That is not what I am saying at all. Market conditions are still extremely strong, but there is short-term weakness that needs to happen so we can continue to remain confident in these conditions. A slight pullback before the markets continue to go on a tear would be beautiful. It will be tough in the short term, but it will be extremely beautiful in the grand scheme of things.
The one organization that does concern me and has continued to concern me over the previous couple of months is $NVDA. Please be on the lookout for that organization. If $NVDA has bearish momentum and looks like it may continually sell-off, as I stated previous to the split happening, once the ball starts rolling, it will start to sell off like a snowball in some classic cartoons. We will see selling continue to grow and grow and get exponentially larger extremely quickly before wiping out some people. Please be careful and tread lightly on $NVDA. $NVDA is a phenomenal organization, and it is hard to fight against its operations. They are a fundamentally solid organization that is massive in this space, and that is 100% justified. The only thing that is not justified, though, is the price per share. We need to see a pullback on $NVDA; the question is when does that pullback happen, and when does it stop dropping? Look to buy $NVDA once there is that massive sell-off, and look to ride the wave ONCE that happens.
For my allocations today, I do not intend on trading as much, the same way I’ve been allocating over the previous couple of weeks. I’ve had a lot of fun alerting positions in the markets when I can, and am extremely happy with the consistencies that have been provided with those positions. I’ll remain on the look out for all of you, and if I see anything at all, I’ll alert it in real time!
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, $AMZN, $AAPL, $MSFT, $CMG
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Economic News for 06/24/2024 (ET)
Fed's Goolsbee Speaks - 8:30 AM
6-Month Bill Auction - 11:30 AM
3-Month Bill Auction - 11:30 AM
Fed’s Daly Speaks - 2:00 PM
Notable Earnings for 06/24/2024
Pre-Market Earnings:
No Earnings Scheduled
After-Market Earnings:
Enerpac Tool Group (EPAC)
Beyond Air (XAIR)
Wrap up
Hopefully, this week will continue to provide us with great opportunities to trade and allow us to realize a significant amount of gains in the process. I am excited to see how the markets treat us over the next couple of days, so please tread lightly as short term weakness is being displayed, but don’t forget that market conditions are still extremely strong. Please make sure to practice safe risk management and navigate these market conditions accordingly. Let’s have some fun and realize some gains!
Good luck trading, and let’s see where $SPY takes us this week!