HaiKhuu Daily Report - 07/17/2024
Good morning, and happy Wednesday!
The markets aren’t looking the best during the pre-market session, as $SPY is down roughly $4 at the time of writing this report. This is unfortunate and will impact many traders' sentiments about the markets today. I hope you all are doing well and are prepared for some interesting times.
Conditions obviously could be better, but things could also be significantly worse. I would advise you all to be extremely careful attempting to trade today, but look out for opportunities to buy the dip. There are going to be many fakeouts that will result in traders generating a significant amount of losses, but opportunities are amongst us; it is just a matter of finding them in real time and capitalizing on them. I’ll do my best to find opportunities for you all today, but it is just a matter of finding the best positions possible!
Regardless of everything, I think today is going to be a lot of fun, so let’s do what we can to make the most of it!
Good luck trading, and let’s see a beautiful recovery on $SPY!
The updated $SPY daily levels are as follows:
Conversion Line Support: $556.90
Baseline Support: $548.61
Psychological Support: $560
Daily Cloud Support: $522.19
$SPY Daily Candles - [07/16/2024]
Thoughts & Comments from Yesterday - 07/16/2024
Yesterday was a wild day for the markets with choppy conditions, opportunities, and a NEW all-time high for $SPY. Conditions were tough to navigate but were beautiful across the board. The large majority of the markets were green yesterday despite megacaps lagging behind. I would say that it was a wonderful day with many opportunities not only to trade, but to be able to realize gains with confidence. Conditions could obviously be better if the markets directionally just ripped throughout the entire day, but C’est la vie, we take a new all-time high and continued bullish momentum!
We started the day with $SPY opening at $562.90. Conditions were looking good at opening, but the markets did continually chop around, moving up slightly before coming down to make the official low of the day, trading at $$562.10. After making the low of the day roughly a half hour into the day, $SPY rallied up beautifully leading into the lunchtime session, making a relative high trading around $564. During the lull, though, $SPY did sell off slightly, coming back down to test the official low of the day and chopping around $563 for the large majority of the afternoon, but leading into powerhour is where market conditions started to get significantly better.
Right around 2:20 pm EST, the markets started to pick up as $SPY quickly pushed a new high of the day, breaking above the previous $564 resistance level and continually rallying throughout power hour. We went on to make the official high of the day trading at $565.15, up beautifully from open and came down slightly leading into close, where we ended the day with $SPY trading at $564.86, up $3.33 for the day, or up 0.6%. That is the highest recorded close for $SPY and a new all-time high.
I hope that you all were able to enjoy what was genuinely a beautiful day for the markets, with great opportunities to trade and realize some gains in the process. Traders should have been able to realize some BEAUTIFUL gains yesterday, with one of our community members generating over $200,000 yesterday! So congratulations to everyone who was able to trade and realize gains, and let’s make the most out of today!
S&P 500 Heat Map - 7/17/2024
Thoughts & Comments for Today - 07/17/2024
Today is going to be an interesting time for the markets as a result of the movement we’ve seen before open. I would highly advise that everyone who is attempting to allocate here be extremely cautious but optimistic to be able to capitalize on this dip in the markets. Buying this dip and capitalizing on it while you can is going to be an amazing opportunity that will provide you all with some realized gains today.
I would not advise anyone to take on a significant amount of risk, but I would not advise anyone to attempt to be passive during this time. Market conditions have been great and have been providing us with many amazing opportunities to trade. This is one of those times that you should tread lightly, but look to capitalize on these conditions where possible.
Many traders are going to have difficulties today as a result of the ongoing market conditions, and if this is you as a trader, I would honestly advise you not to attempt to trade today. The uncertainty in the markets will make it more difficult to allocate with confidence, and if you are not able to allocate with confidence, then you are either gambling, or praying, and neither should be affiliated with the markets at all. Just sit back, relax, and make some smart positions. Traders are all able to realize gains with both comfort and confidence; it is just a matter of being able to continually retain that while navigating tougher market conditions.
As I said before, though, look for an opportunity to buy this dip. There are going to be some sketchy conditions as a result of $SPY moving down so much during the pre-market session, but if you are able to time out your entry perfectly and dodge the falling knife, pick the knife back up and continue with life. Maximize the amount of realized gains you are able to generate here in the short term and do what you can to maximize the number of profits you are able to generate.
This is going to be a lot of fun actively trading today, so look to actively scalp and trade when you have the confidence to allocate today, and as always, please make sure to practice safe risk management. Many traders, as I said before, are going to be burnt, while others are able to realize gains with both ease and confidence. Be smart, be confident, and realize gains as quickly as humanly possible. Let’s have some fun, let’s realize some gains, and make the most out of these conditions!
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, $AAPL, $MSFT, $NVDA, $TSLA, $RIVN
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 07/17/2024 (ET):
Building Permits - 8:30 AM
Housing Starts - 8:30 AM
Fed’s Barkin Speaks - 9:00 AM
Manufacturing & Industrial Production - 9:15 AM
Fed’s Waller Speaks - 9:35 AM
Beige Book - 2:00 PM
Notable Earnings for 07/17/2024
Pre-Market Earnings:
ASML Holding (ASML)
Johnson & Johnson (JNJ)
Elevance (ELV)
Prologis (PLD)
Ally Financial (ALLY)
Synchrony Financial (SYF)
Citizens Financial Group (CFG)
First Horizon National (FHN)
Northern Trust (NTRS)
US Bancorp (USB)
After-Market Earnings:
United Airlines (UAL)
Alcoa (AA)
Discover Financial Services (DFS)
Steel Dynamics (STLD)
Synovus Financial (SNV)
Wrap up
Hopefully, markets will recover and push up beautifully today. But it is just a matter of realizing gains and capitalizing on market conditions whenever possible. Traders should have no issues consistently realizing gains today; it is just a matter of finding the right positions, practicing safe risk management, and doing what you can to maximize your profit potential. Do what you can to realize as many gains as you can, and have some fun in the process!
Good luck trading, and let’s see what $SPY has in store for us!