HaiKhuu Daily Report 07/10/2024
Good morning, and happy Wednesday! We survived another day of Jerome Powell testifying, so prepare for it to happen again! $SPY did make an all-time high yesterday, trading at $557.18, which is going to genuinely be a phenomenal time with many great opportunities not only to trade but also to realize a significant amount of gains. Congratulations to everyone who has been following our alerts in our Discord over the previous couple of weeks, because anyone who has been following has realized a significant amount of gains with relative ease.
The big event to watch out for today is Jerome Powell testifying, so expect to see some irrational moves in the markets. This will make it extremely difficult to remain consistent and realize gains confidently. I believe that opportunities will be amongst us, so let’s realize some gains in the process and have some fun!
Please make sure to practice safe risk management if you are attempting to trade these market conditions, but watch out for a possible large directional move in the markets!
Good luck trading, and let’s see where the markets take us today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $549.85
Baseline Support: $537.77
Psychological Support: $550
Daily Cloud Support: $521.24
$SPY Daily Candles - [07/09/2024]
Thoughts & Comments from Yesterday, 07/09/2024
Yesterday was a choppy day for the markets, making trading extremely difficult despite setting a new all-time high. Jerome Powell testified, providing us with some opportunities to trade, but with the choppy conditions, it was hard to make any sort of large directional move that we could have capitalized on. We found a couple of great opportunities to allocate, including hitting a perfect reversal on $SPY and nailing the bottom on $INTC. It was a tough day for many, but thankfully, our community continued to thrive in the process!
We started the day with $SPY opening at $556.25, up slightly from the previous close, opening at a NEW all-time high, and displaying genuine strength in the process. Conditions, as I said before, were extremely choppy, and we honestly did not see much movement for the large majority of the morning. $SPY remained within an extremely tight range for the entire morning, remaining within roughly a +/- $0.25 range from the open price until the early afternoon, where $SPY rallied up extremely quickly to make the official high of the day and new all-time high trading at $557.18. After making that high, conditions cooled back off, and we came back to the exact range we were previously, trading between $556 & $556.50.
The back half of the afternoon was extremely inconsistent, continuing to remain in that extremely tight range, consistently hovering around that $556 level, coming down ever so slightly into close, where we made the official low of the day trading at $555.53. $SPY did move up slightly leading into close, ending the day officially at $555.82, up $0.54 for the day, or up 0.097%. It was a genuinely disgusting day for the overall markets despite being slightly bullish, with the range from the high to the low being less than a $1 difference between the open price and the official high and low for the day. Conditions could have been better, but conditions could have been significantly worse. This is why I did not advise anyone to attempt to trade around the testimony yesterday, and hopefully, some of you were able to listen and remain profitable in the process!
Heatmap - $SPY 07/09/2024
Thoughts & Comments for Today, 07/10/2024
Today, hopefully, is setting up to be a more eventful day for the markets than yesterday. With the way that the markets moved yesterday, I am expecting one of two types of movements today. Either the markets continue to roll the way that they are, making trading extremely inconsistent and choppy, or we are going to see a large directional move. For our sake, I do hope to see a large directional move, but I will say that if we do see a directional movement in the markets, I am leaning toward being more bearish than bullish despite us trending toward a new all-time high at the moment. But in the worst case scenario, the markets continue to roll the way that they are, where trading becomes extremely inconsistent and choppy, making conditions difficult while Jerome Powell is testifying, to only start to realistically move once it has concluded.
If I were you attempting to trade today, I would look for opportunities early in the day to grab equities when there is a dip and ride the position throughout the day, limiting your downside risk and continually guaranteeing profits. If everything is sorted out perfectly, assuming you grabbed a great organization that showed potential, you can ride the momentum throughout the day with relative ease.
For those who are not comfortable or confident in these conditions, I will say that I do not advise you to attempt to trade. It is one of those things that, yes, you could trade with ease, but if you are not confident, then you should not be trading. Comfort is key when it comes to attempting to trade, when you start to become uncomfortable, that is when you start to get emotional and irrational with your positions. Remain level-headed, and realize gains as quickly as possible in these conditions!
One thing that I did bring up yesterday in the exclusive room that I would like to elaborate on is kind of my thoughts on how to navigate these market conditions. First, I want to say that I still believe that the markets are extremely strong, but we are starting to see weakness form in the markets. I am not saying that you should not trade or allocate, but I believe we should all prepare for the near future. If you are attempting to allocate in the short term, continue to scalp and day trade. This is one of the best ways to capitalize on the short-term momentum of the markets. If you are in long positions that you do not anticipate selling, retain those positions and hold them until you are satisfied, but with many positions being heavily overpriced, you should consider exiting them and simply holding cash. I would not recommend attempting to go long any organizations right now without sound justification, mostly if one of the organizations you are looking at is heavily overvalued. Please start to hedge your portfolios. This will limit your upside potential slightly, but what happens is you will limit your downside risk significantly in the same process. Again, I still do believe that these market conditions are extremely strong, and I do not advise anyone to be bearish, but I am advising that people protect their bottom lines and practice safe risk management as market conditions are going to get tougher to navigate here in the short term, and when we start to come down, it will take many, many traders by surprise!
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, $INTC, $NVDA, $AAPL, $TSLA, $MSFT, $META
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 07/10/2024 (ET):
Wholesale Inventories - 10:00 AM
Fed Chairman Jerome Powell Continues Testimony to Congress - 10:00 AM
10-Year Note Auction - 1:00 PM
Fed’s Goolsbee Speaks - 2:30 PM
Fed’s Bowman Speaks - 2:30 PM
Notable Earnings for 07/10/2024
Pre-Market Earnings:
Theratechnologies (THTX)
Manchester United (MANU)
After-Market Earnings:
PriceSmart (PSMT)
WD-40 (WDFC)
AZZ Inc (AZZ)
E2open Parent Holdings (ETWO)
Wrap up
Hopefully, there will be more momentum and opportunities that are presented to us today. I think that we should have no problems attempting to actively trade, but if today is a repeat of yesterday. Please tread lightly and practice safe risk management. If we do see a directional move in the markets, make sure not to fight the momentum and simply follow the trend. Regardless, many people are going to have a difficult time navigating the markets today, so tread lightly
Good luck trading, and let’s where $SPY decides to take us today!