HaiKhuu Daily Report 07/09/2024
Good morning, and happy Tuesday! Markets are looking strong during the pre-market session, and I hope you all are excited. $SPY is above the previous all-time high at the time of writing this report, and conditions are looking optimal. Please continue to seize any opportunities that are available to trade and look to realize as many gains as possible during this time. This is just a reminder that we have Jerome Powell testifying to Congress today, so we will see heavy volatility following his general statements, making trading extremely erratic and difficult to navigate. Hopefully, we see a large directional move up and continued new all-time highs on $SPY, but we all know that is not a realistic assumption, so please tread lightly and practice safe risk management!
Expect to see some irrational movements in the markets today within the first hour or so when Jerome is speaking, so protect your bottom line and minimize your risk when attempting to trade while Jerome is testifying. This will be a fun day full of opportunity, so let’s have a great time!
Good luck trading, and let’s see what Jerome does to the markets!
The updated $SPY daily levels are as follows:
Conversion Line Support: $549.35
Baseline Support: $537.31
Psychological Support: $550
Daily Cloud Support: $521.24
$SPY Daily Candles - [07/08/2024]
Thoughts & Comments from Yesterday, 07/08/2024
Yesterday was a tough day for the overall markets. Conditions were slow yet volatile, and traders were presented with many opportunities to realize gains. We watched as $SPY made a NEW all-time high, and many organizations trended heavily throughout the day. Conditions were extremely tight as the high to the low was roughly a +/- range of $1 from the open price while essentially being black overall.
We started the day with $SPY trading at $555.44 before quickly rallying up in the morning, making the official high of the day and all-time high trading at $556.25. Conditions were beautiful, and opportunities were genuinely amongst us. Traders were profiting, and everyone was having a phenomenal time leading into the early morning, making trading extremely easy and consistent by riding the momentum, but the difficulties started when we started to reverse from the top.
After making the all-time high, $SPY started to reverse, dropping but bouncing at the $555 support level. Once we rejected that level, $SPY went on to make the official low of the day during the lunchtime lull, trading at $554.20. Conditions did pick up as volume came back into the markets, recovering the $555 level and moving up slightly before ultimately coming down leading into the final hour of the trading day.
But in typical market fashion, despite coming down, within the final 20 minutes of the trading day, $SPY rallied up to no one’s surprise into close, where we ended the day trading at $555.28, up $0.64 or up 0.12%, with an intraday bearish movement of $0.14.
It was a rough day for the overall markets as it was difficult to navigate, but opportunities were consistently amongst us, and as a result, we were able to trade with significant confidence and had a phenomenal time in the process. Hopefully, you were able to catch some of the fun scalp opportunities yesterday, as many traders were able to realize a significant amount of gains as a result! Let’s see what magic we can find in the markets today, and again, please tread lightly on these market conditions!
Heatmap - $SPY 07/08/2024
Thoughts & Comments for Today, 07/09/2024
Today is going to be a difficult day to navigate with both confidence and consistency. Some people will have a lot of fun attempting to trade and capitalize on Jerome Powell speaking, but at the same time, it is going to be extremely difficult to gauge what will happen during the pre-market session. All that I can say is that I genuinely expect one of two things to happen. Markets will either have a large directional move that we can capitalize on with relative ease as the markets either continue to rally or sell off. It is as simple as following the market momentum, not fighting the trend, and enjoying the ride. The other case scenario, in my opinion, is that the markets remain relatively neutral, and suddenly, once Jerome Powell says something that impacts the markets, we see a large irrational move in either direction that gets snapped right back into place.
If you are attempting to trade today, my advice for you is to attempt to trade around Jerome Powell speaking. When he is speaking, it is going to be extremely difficult to navigate with comfort and confidence, knowing that anytime the markets could absolutely pump, or absolutely dump. It is not worth the risk in any way, shape, or form, and I would not advise anyone to attempt to trade this. If you want to be a risk taker and day trade the momentum, that’s your choice. You have your own free will, but the only time I would attempt to play would be reactionary towards a movement that randomly happens, IE, Jerome Powell says something that is positive, but $SPY drops $1-2 as a result and makes a new low of the day. Go in there, enter into a long position, and set a tight stop below the day's low. Either everything works out perfectly, or you get stopped for minimal losses.
The one thing that I will continue to warn you about in these market conditions. Yes, markets have continued to remain strong, but I believe, with full confidence, that the markets are acting like a house of cards. $SPY is continuing to push new all-time highs, but cracks are continuing to form in the foundation, where once everything starts to fall, it will be an extremely rapid, unsuspecting fall in the markets. I am not saying to be overly bearish or that the markets will crash tomorrow, but this is the time that, again, I would advise people to start to take profit on their positions and plan accordingly for the future. Sell the positions you are up nicely on, take profit on the overpriced organizations, and hold cash.
Holding cash at the top, yes, may suck because you will not have the exposure you want, but at the same time, hedging your current positions and limiting your downside risk is going to be the key to your success. There is no reason why anyone who is a part of our community should realize a significant amount of losses once the markets ultimately do come down, so please tread lightly, practice safe risk management, and limit your exposure. Markets will be beautiful until they are not, and things start to come down. Do you want to be the idiot stuck holding a bunch of positions?
Wait until there is blood in the streets, and prepare accordingly. Once the markets ultimately drop to the point where we are confident going long again versus actively trading here at the top, I will have lists of allocations to purchase that we can ride and have a phenomenal time with.
Also, I just want to say congratulations again to the VIPs in the Discord. We were able to get a BEAUTIFUL alert sent out on $INTC long yesterday, and the position is up almost 10% in a single day!
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, $AAPL, $TSLA, $MSFT, $AMD, $INTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Economic News for 07/09/2024 (ET):
NFIB Small Business Optimism - 6:00 AM
Fed’s Barr Speaks - 9:15 AM
Fed Chairman Jerome Powell Testifies to Congress - 10:00 AM
Treasury Secretary Yellen Speaks - 10:00 AM
Fed’s Bowman Speaks - 1:30 PM
Notable Earnings for 07/09/2024
Pre-Market Earnings:
Byrna Technologies (BYRN)
Helen of Troy (HELE)
After-Market Earnings:
SMART Global Holdings (SGH)
Kura Sushi USA (KRUS)
Saratoga Investment Corp (SAR)
Wrap up
Hopefully, we watch as Jerome Powell pumps the markets, and we display a significant amount of strength in the process, continually making new all-time highs all day long, but it is a matter of what is being said. Expect some volatility and irrational movements in the markets, but if we see a directional move, be pleasantly surprised and ride the momentum. Just know anything can happen at any time during the testimony, so please tread lightly and practice safe risk management.
Good luck trading, and let’s see where the markets go today!