HaiKhuu Daily Report - 08/01/2024
Good morning, and happy Thursday! Markets look great during the pre-market session, and I hope you all are ready and excited! Welcome to August! This should be an extremely fun month for the markets with many phenomenal opportunities being presented to us. $SPY is attempting to display strength while testing the daily baseline resistance and reversing after bouncing off of the daily cloud. We still have a bearish TK cross under on the daily, but signs are showing weakness in the cross under, while market conditions are still extremely strong.
I would advise you all to be extremely cautious when attempting to allocate here, as markets are in a state of confusion. We are displaying strength, but we are still getting bearish signs from the markets. Watch for the directional move, but know that realistically, we can genuinely go in either direction and now it is just a matter of being able to remain consistent and liquid while the markets are in this state of confusion. Regardless of conditions, we will be able to capitalize on the markets, but it is a matter of how comfortable and confident we are to do so. So continue to practice risk management, but do what you can to maximize your profit potential and realize a significant amount of gains in the process.
I think we are going to have a lot of fun rounding out this week, so realize some gains today, and let’s have an amazing time tomorrow!
Good luck trading, and let’s have a phenomenal day!
The updated $SPY daily levels are as follows:
Conversion Line Support: $547.09
Baseline Resistance: $551.31
Psychological Support/Resistance: $550
Daily Cloud Support: $537.66
$SPY Daily Candles - [07/31/2024]
Thoughts & Comments from Yesterday - 07/31/2024
Yesterday was a beautifully green day for the markets that were led by semiconductors. $SPY was amazing, and traders had an insane time in the process. Hopefully, you all heard our alerts talking about how semiconductors are underpriced on MONDAY and were able to realize gains with ease and had genuinely an amazing time realizing gains yesterday! It was a great day for the markets with opportunities consistently amongst us.
We started the day with $SPY opening at $549.00, up significantly from the previous close of $542.00. Markets were relatively slow around open as $SPY came down slightly and made the official low of the day trading at $547.58, but conditions remained strong, as $SPY recovered beautifully to reach the $550 point. Once at $550, $SPY really did not move around that much, remaining extremely neutral for the large majority of the day leading into FOMC.
When the interest rates came out, rates remained unchanged as expected, and the markets really did not do much. We saw a slight drop in the markets before we slowly moved up and only continued to move up as Jerome Powell was making his statements and answering questions. We went on to make the official high of the day as Jerome was speaking, as $SPY was trading at $553.50, before coming down as he stepped off the stage. $SPY quickly magnet back to $550 and remained relatively neutral for the rest of the day.
We ended the day with $SPY trading at $550.81, up $8.81 for the day, or up roughly 1.6%. It was genuinely a beautiful day for the markets, with many great opportunities to trade and realize significant gains. I hope that you all had an amazing time trading yesterday, and I hope you all have an even better time trading today!
S&P 500 Heat Map - 07/31/2024
Thoughts & Comments for Today - 08/01/2024
Today is shaping up to be another great day for the markets. Would I take this pre-market session with a grain of salt as anything can realistically happen, but with the strength that we are seeing during the pre-market session, I would look to take advantage of these market conditions. Many organizations moved up heavily with earnings yesterday, with $META pushing almost 10%, so this is not going to be the worst time to try and catch some of that momentum. If you are looking for a fun stock to day trade or scalp today, my recommendation is going to be following the money, as a lot of people will be watching and FOMO-ing into $META. This is not a signal to buy or sell any $META, but if you are looking for a company to trade today and have the liquidity to actively scalp and day trade $META, that will be a lot of fun. If you do not have the capital necessary to attempt to actively daytrade meta, I would highly suggest you look into day trading other social media companies like $SNAP. Obviously, $SNAP and $META are two different organizations, but we should watch as $SNAP has a smaller directional move in sympathy with the move.
Just please be careful if you are attempting to play aftermath as a lot of traders are going to get absolutely slaughtered when attempting to trade because the movement is either too irrational, choppy, or simply goes against your position. Regardless, do not get greedy and do what you can do to maximize your profit potential.
If you do not want to trade $META or any other media companies, a great place to look into trading is semiconductors. As I said before, they were oversold, but now are at a price where they are back and reasonable, but there will be a lot of people that are looking to FOMO into semis after we’ve seen a large directional move in the sector. So, I am not saying that you should attempt to go long semiconductors here, but if you are actively day trading and scalping, scalping semiconductors is going to be an amazing opportunity to trade and realize gains with relative ease. Opportunities will be presented to us. It is just a matter of timing your position properly and realizing gains in the process.
One position that I am still interested in is $INTC. Again, I’ll talk about this for another couple of days before I stop talking about a long allocation in $INTC, but I really love the organization at this price. They are a laggard in terms of operations, and that is reflected in their share price. I would highly suggest you start to SLOWLY add $INTC into your portfolio as one of those plays that you simply set and forget. I would not advise a full position now and only entering roughly 25% of your full position. In the case that $INTC comes down, double down once, and if it continues to come down, double down again. After two doubles, you will be in a full position with a significantly better price per share. $INTC, again, is not one of those plays that will be right anytime soon, but it will be one of those plays where it is right when it is right and only then. When will it happen? No clue. Just simply buy, hold, and forget about it. This is not a sexy play at all in any way, shape, or form, but it is a beautiful play because there is very low risk, and it is something that I have 99.9% confidence will go over given a long enough timeframe.
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, $AMD, $INTC, $META, $GOOGL, $TSLA, $AAPL
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/01/2024 (ET):
Jobless Claims - 8:30 AM
S&P Global Manufacturing PMI - 9:45 AM
ISM Manufacturing Data - 10:00 AM
Notable Earnings for 08/01/2024
Pre-Market Earnings:
Crocs (CROX)
Moderna (MRNA)
ConocoPhillips (COP)
Wayfair (W)
SiriusXM (SIRI)
Hershey (HSY)
Eaton (ETN)
Dominion Energy (D)
Aptiv (APTV)
Toyota Motor (TM)
After-Market Earnings:
Amazon (AMZN)
Apple (AAPL)
Intel (INTC)
Coinbase (COIN)
DraftKings (DKNG)
Block (SQ)
Snap (SNAP)
Booking Holdings (BKNG)
Doordash (DASH)
Microchip Tech (MCHP)
Wrap up
This should be a fun day for the markets with some volatility and action. Look for opportunities to trade and realize a significant amount of gains in the process, but regardless, opportunities are going to be amongst us, it is now more so a matter of being able to realize gains with both comfort and confidence. Ride the momentum in the markets, and do what you can to maximize your potential. As always, make sure to practice safe risk management, but let’s see where $SPY goes from here, as we are either about to break out beautifully or sell off.
Good luck trading, and let’s see what $SPY does today!