HaiKhuu Daily Report - 07/23/2024
Good morning, and happy Tuesday! Markets are neutral at the time of writing this report, but $SPY is looking significantly more optimistic after reclaiming the daily baseline support. We’ve lived to see another day. $SPY has reclaimed two levels of support, but we are not out of the woods yet. Today is going to be a huge day for earnings, with both Tesla and Google reporting after hours today. Tesla is not going to impact the broad market the same way that Google is, so please tread lightly but have some fun in the volatility.
Conditions are going to be confusing and difficult to navigate in the short term, but opportunities will always be available to us, so take advantage of those said opportunities and realize gains in the process. Many traders are going to have a lot of fun trading today, so let’s have a great time and make the most out of these conditions!
Let’s see if $SPY bounces here after reclaiming psychological and technical support, but please continue to tread lightly and practice safe risk management, as the markets are in a state of confusion.
Good luck trading, and let’s watch a $SPY breakout!
The updated $SPY daily levels are as follows:
Conversion Line Resistance: $556.53
Baseline Support: $552.38
Psychological Support: $550
Daily Cloud Support: $530.43
$SPY Daily Candles - [07/22/2024]
Thoughts & Comments from Yesterday - 07/22/2024
Yesterday was an interesting day for the overall markets, and we were able to accurately and confidently predict the recovery in the semiconductor markets. Everything on our watchlist yesterday did phenomenally, and traders were presented with some amazing opportunities not only to trade but also to realize gains in the process. Traders realized a significant amount of gains with relative ease, watching for breakouts in the markets, and I am extremely happy knowing we were able to capitalize on these conditions both consistently and confidently.
We started the day with $SPY opening at $553.02. Conditions were looking great as $SPY was up nicely from the previous close on Friday, and $SPY did display instant strength from open. We rallied within the first half hour to see $SPY trading at $554 before coming back down to make a relative low trading right below $552. After making that bottom, $SPY quickly rallied back up to test the relative high, selling off again leading into the lunchtime lull, making the official low of the day trading at $551.03.
Conditions at the bottom were not ideal at all in any way, shape, or form, but what we were able to do was alert the bottom on $SPY and the official sign of reversal leading into lunch, where $SPY was able to recover all of the losses generated, and watched as $SPY pushed up to continually make new highs of the day!
The afternoon was relatively uneventful, remaining extremely neutral and chopping around, but situationally, there is not much extra that really happened. We went on to make the official high of the day, trading at $555.27 before coming back down and ending the day officially at $554.65, up $5.66 for the day, or up approximately 1.03%. Conditions, in my opinion, were phenomenal as traders were able to remain both comfortable and confident throughout the entire day, and opportunities genuinely were amongst us. Traders were able to realize gains with confidence, and we had a phenomenal time in the process. I hope you all were able to realize a significant amount of gains and had some fun taking advantage of these market conditions. Let’s see what $SPY has in store for us today, and do what we can to have a great time!
S&P 500 Heat Map - 7/22/2024
Thoughts & Comments for Today - 07/23/2024
Today is going to be another fun day for the markets. I think we should be optimistic about what we are hoping and expecting out of the markets today, but it is just a matter of whether we are going to be able to remain consistent during these conditions and do what we can to maximize our profit potential. Many traders are going to have an extremely difficult time remaining consistent, while consistent traders should have absolutely zero problems at all, realizing gains and having a great time. I would not advise the average individual to do anything they are not comfortable with, but at the same time, I would not do anything that would jeopardize your account. Many traders are going to have a lot of fun and realize gains consistently today, but it is just a matter of how easily you can navigate these market conditions, realize gains, and be both comfortable and confident you are.
The people who are looking to day trade and scalp today are going to have the most fun consistently, as there should be strength and momentum in the markets now that we’ve broken back above the daily baseline support. As I said before, we are not out of the woods just yet, but conditions are better. Just know that we can easily drop again, but now that we have at least reclaimed this level, there is minor confidence in the process.
If you are trying to have some fun today, two organizations you should look at are $TSLA and $GOOG/L. Both organizations have earnings after hours today, and as a result, we are going to see increased volume and volatility. I would never blindly recommend anyone to allocate into either of these plays, mostly if you are attempting to capitalize on the short-term momentum. I personally am not anticipating an entry into either of the organizations, but it is something that I realistically will be watching out for throughout the day. If you are attempting to play, please stay away from trading options on either of the organizations. Both organization’s options will be heavily overvalued as a result of the implied volatility, making it extremely difficult to remain consistent with confidence. Stick to trading shares and either scalping or day trading the position throughout the day. I do not believe we are in a place where there is a confident edge for us to gamble on these earnings, so please continue to tread lightly and do what you can to practice risk management & limit your downside risk. If you are not a confident trader, I would advise you all to stay away from this play.
Whether we are able to capitalize on this play today or not, I can confidently tell you all that reacting to the movement tomorrow is going to be the safest way to allocate and capitalize on these market conditions. If an organization breaks out, we play the momentum tomorrow, and if an organization sells off, we sell premium against the organization at the bottom!
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, $AMD, $INTC, $MSFT, $GOOG/L
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 07/23/2024 (ET):
Redbook - 8:55 AM
Existing Home Sales - 10:00 AM
Richmond Manufacturing Index - 10:00 AM
Notable Earnings for 07/23/2024
Pre-Market Earnings:
General Electric (GE)
Spotify (SPOT)
United Parcel Service (UPS)
General Motors (GM)
Freeport McMoran (FCX)
Coca-Cola (KO)
Lockheed Martin (LMT)
Comcast (CMCSA)
Phillip Morris (PM)
Albertsons (ACI)
After-Market Earnings:
Tesla (TSLA)
Alphabet (GOOGL)
Enphase (ENPH)
Visa (V)
Texas Instruments (TXN)
Chubb (CB)
Seagate Tech (STX)
Capital One (COF)
Mattel (MAT)
Cal-Maine Foods (CALM)
Wrap up
Hopefully, we will watch as the markets continue to rip and rally early in the morning, providing us with a great opportunity to trade with confidence. Markets are in a toss-up period, so please tread lightly and practice risk management while attempting to capitalize on these conditions, but take advantage of any opportunities that are presented to us. This should be a fun day, and after hours is going to be even more interesting!
Good luck trading, and let’s see where $SPY takes us today!