HaiKhuu Daily Trading Report

Good morning, and happy Tuesday! $SPY has officially broken below the daily conversion line support, and we are starting to see the initial signs of weakness in the markets again. Markets are looking tougher, but we have been talking about this needing to happen for a while.

Please tread lightly. This is the final full trading day until Friday, and as a result, it will negatively impact both volatility and volume in the markets as people make last-minute adjustments to their portfolios. This is just a reminder that, again, the markets will be closed at 1 p.m. EST tomorrow (July 3rd) and will be 100% closed for the 4th of July.

Expect choppy market conditions today. Prepare accordingly, protect your bottom line, and practice safe risk management.

Good luck trading, and let’s see where the markets take us!

The updated $SPY daily levels are as follows:
Conversion Line Support: $546.36
Baseline Support: $534.32
Psychological Support: $540
Daily Cloud Support: $519.14

Thoughts & Comments from Yesterday, 07/01/2024

Yesterday was another interesting and confusing day for the markets. While most organizations were down, we saw strength in the mega-caps, which resulted in us being slightly green overall despite almost 1,000 more companies being down yesterday than up. It’s interesting to see the weight difference in how the majority of the markets were red while just a small handful of companies were green, resulting in market conditions not absolutely plummeting, which honestly is a point of concern.

We started the day with $SPY opening at $545.61. Conditions were looking great going into open, but we knew there was going to be weakness in the markets, and that was quickly displayed. After opening, $SPY started to downtrend quickly, making a relative low during the PMI data release and continuing to trend down for the large majority of the morning, making the official low of the day trading at $542.52 within the first hour and a half in the day. After making that quick low, there was a beautiful recovery in the markets leading into the lunchtime lull, providing traders with an absolutely phenomenal opportunity to scalp and realize a significant amount of gains in the process.

$SPY continually rallied beautifully from the bottom, leading into the lunchtime lull and pushing through that lull to hover around $545. After pushing up after the lull, conditions thankfully did slow down, where $SPY remained relatively neutral within an extremely tight range, but we saw opportunities that were consistently presented to us. $SPY thankfully was able to retain the movement we saw, not moving up, but thankfully not selling off. Conditions were not perfect, but again, conditions could be worse in the case that $SPY rejected that level.

Leading into close, powerhour was relatively uneventful, but we did see a last-minute breakout on $SPY. We went on to make the official high of the day, trading at $545.87 before ending the day trading at $545.34. $SPY was up $1.12 from the previous close on Friday, or up roughly 0.2%, with an intraday bearish movement of roughly $0.30.

Overall, on the day, not much happened for the markets as a $0.30 bearish intraday movement was not significant; at the same time, we were able to ensure that losses were mitigated and opportunities were consistently presented to us. When I say that $SPY moved down slightly, it does not sound like much happened to the markets, but we watched as these mega-cap organizations led the show, with $MSFT making a new all-time high, $TSLA rallying $11, and $AAPL ripped up 3%. It was a wild day for the markets, and I hope that you all had a lot of fun and were able to realize a significant amount of gains in the process!

Thoughts & Comments for Today, 07/02/2024

Today is going to be another interesting and difficult day for the markets that I hope that you are all very excited for. I am expecting to see choppy market conditions with a significant amount of neutrality, kind of like yesterday, where we might see some movement early or late in the day, but I am expecting that for the large majority of the day, we are going to remain neutral, making trading extremely difficult to do consistently. It is nothing that is honestly too concerning, but at the same time, it is going to be something that will be tough to navigate, mostly if you are attempting to trade.

I will say that if you are attempting to trade right now, as always, I will advise that you tread lightly and make sure to practice risk management, but the key to finding a position that you can seriously capitalize on is by following the momentum. If we see a repeat of yesterday, with many organizations bearish, while the megas are green, or we see the inverse today, regardless of what you are attempting to play, only look to play an organization that has momentum and follows the opportunity. Trades will be available, and scalps will be plentiful when they are around. Outside of the fact that we will have difficulties navigating these conditions, we are going to see times when markets are neutral, where we are in a tight range, making trading extremely difficult for anyone who is attempting to catch nonexistent momentum.

This is going to be one of those days, and this week is one of those weeks that in case you are not able to trade with confidence, is not the time that you should force yourself to attempt to trade because you can not only be caught in a position that is not favorable but you may also be caught in a position that realistically, in the chance momentum dies off, will not move at all in any way shape or form. So remain passive while the markets are passive, take a breath and enjoy some fresh air, versus sweating trying to force positions in a time that is not favorable.

While trading equity is going to be tough and inconsistent, trading options in the markets are going to be even tougher. That is just me being honest about these conditions, so take my advice with a grain of salt, but just know that I’ve been around the block a couple of times to this point, but this is one of those scenarios that realistically, will play out exactly how I expect. So we have the test answers where the best way to capitalize on this week is to not be burnt, but everyone is entitled to their own positions and is responsible for their portfolios.

I will be looking out for more scalp and entry opportunities whenever available. The scalps that have been posted in the exclusive trading community have been absolutely killer recently, and I hope that you all have enjoyed the ability to actively trade with the team consistently and realize gains with us. If you ever have any questions about the positions, please do not hesitate to ask us at all in any way, shape, or form. That is the reason why we are here, and we are always more than happy to help where we can! Life is good, and the markets are better, so let’s realize some gains together and have an amazing 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, $TSLA, $AAPL, $GOOGL, $AMZN, $MSFT

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU

Economic News for 07/02/2024 (ET):

Fed's Powell & ECB's Lagarde Speak - 9:30 AM
JOLTS Job Openings - 10:00 AM

Notable Earnings for 07/02/2024

Pre-Market Earnings:

MSC Industrial Direct (MSM)
Radius Recycling (RDUS)

After-Market Earnings:

Simulations Plus (SLP)

Wrap up

Hopefully, we will see some strong bullish momentum in the markets, but unfortunately, I am expecting to see some tougher conditions with $SPY remaining choppy. Please be careful and protect your bottom line. Remember that this is the final full trading day until Friday, so expect to see some weird movements in the markets that are going to be irrational and unpredictable. Tread lightly, but prepare accordingly for what will be an extremely interesting day.

Good luck trading, and let’s see where the markets take us today!

Join Our FREE Trading Community!

HaiKhuu Daily Report 07/02/2024