HaiKhuu Daily Report - 08/13/2024
Good morning, and happy Tuesday! I hope you all are ready for another day of volatile market conditions! Markets are still relatively strong after an extremely volatile day. We are up nicely during the pre-market session, and you should be excited to trade!
We have PPI data coming out during the pre-market session, so expect to see some volatility and a large directional move that will impact the pre-market sentiment and market movement. Regardless of how the markets react to economic news, this will be a fun time for the markets. Please continue to practice risk management, as yesterday was a clear sign that anything can happen. Now, it is just a matter of remaining extremely consistent in the process, capitalizing on the volatility, and doing what we can to maximize our profit potential.
This should be an extremely fun time actively trading and realizing gains, so protect your bottom line and have a great time!
Good luck trading, and let’s see where the markets take us today!
The updated $SPY daily levels are as follows:
Conversion Line Support/Resistance: $537.71
Baseline Resistance: $537.71
Psychological Support: $520
Psychological Resistance: $540
Daily Cloud Support: $526.87
Daily Cloud Resistance: $543.33
$SPY Daily Candles - [08/12/2024]
Thoughts & Comments from Yesterday - 08/12/2024
Yesterday was a wild day for the markets. There was a significant amount of volatility but not much overall movement. There were many opportunities to actively trade, and more opportunities to get absolutely burnt in the process. There were extremely choppy conditions in the markets, where we continued to make lower highs and higher lows. Conditions were confusing, volatile, and difficult to navigate with confidence.
We started the day with $SPY opening at $534.21, looking relatively strong for the day, opening up slightly green from the previous close, but we were instantly met with bearish momentum. $SPY quickly shot down, making the official low of the day trading at $530.97, down significantly within the first half hour of the trading day, making many traders extremely skittish. Thankfully, we were able to alert the reversal from the bottom and watched as $SPY rallied beautifully, going on to make the official high of the day, trading at $535.73, up beautifully for the day.
Everything was looking great until the markets shot right back down, not making a new low of the day but dropping roughly $3 in a matter of 5 minutes before recovering $3 again by Noon EST. The rest of the day was relatively uneventful, with $SPY continuing to hover relatively black for the day from the previous close, but honestly, after the wild volatility in both directions we saw in the markets, we should be more than happy to end the entire day black, after having multiple $3-4 movements on an intraday basis.
We officially ended the day with $SPY trading at $533.27, up $0.28 for the day, or up 0.05%. The movement we saw on an intraday basis was extremely irrational, with a significant amount of volatility, making it extremely difficult and inconsistent to be able to capitalize on the market movement, but at the same time, it provided traders with opportunities to realize some gains. Hopefully, you all were able to capitalize on the volatility and did not get wiped out by the craziness, but regardless, life moves on, and so do the markets. So, let’s see where these market conditions take us from here and capitalize on the opportunities that are presented to us today.
S&P 500 Heat Map - 08/12/2024
Thoughts & Comments for Today - 08/13/2024
Today is going to be an extremely difficult day to judge during the pre-market session. We have PPI data coming out an hour before open that will heavily impact the pre-market sentiment and momentum. That said, we can still prepare accordingly for the day and judge the sentiment with the way the markets stand. At the time of writing this report, $SPY is up, and sentiment is relatively strong.
The movement we saw yesterday does scare me a little bit, seeing the amount of bullish momentum in the markets displaying strength and confidence in the process, but at the same time, we are now in a place where, realistically, a wrench can be thrown at the system at any time, and watch as the markets sell off without any signal or sign that it will happen. Please continue to tread lightly in these market conditions and do what you can to maximize your profit potential.
As a result of yesterday, I would not advise you to be more aggressive with your allocations, and I would only enter when you have the confidence to do so. and even if you allocate that way, at least make sure that during that time, you are doing what you can to limit your downside risk. This means setting a stop under major support to limit your risk, and once your position becomes profitable, set a stop in guaranteed profits to guarantee you are in a zero-risk position with guaranteed profit.
I think that over the next couple of weeks, as vague as this sounds, the markets are going to move in either direction. Either we are going to break out of this daily cloud and display a significant amount of confidence leading into the election season, or we will sell off and break below $500, being the final nail in the coffin for these strong market conditions. Regardless of where the markets go, though, we will be able to capitalize on them with ease, so be smart and safe in these market conditions, but maximize your profit potential while you can, as markets are extremely favorable for now, but that will not always be the case. So be smart, be safe, and have some fun in the process.
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, $RIVN, $INTC, $DJT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/13/2024 (ET):
NFIB Small Business Optimism - 6:00 AM
Producer Price Index (PPI) - 8:30 AM
Fed’s Bostic Speaks - 1:15 PM
Notable Earnings for 08/13/2024
Pre-Market Earnings:
On Holding AG (ONON)
Sea Limited (SE)
Hudbay Minerals (HBM)
Home Depot (HD)
HUYA (HUYA)
IHS (IHS)
Paysafe Group Holdings (PSFE)
Tencent Music (TME)
After-Market Earnings:
Nu Holdings (NU)
Ouster (OUST)
Kimball Electronics (KE)
Oncology Institute (TOI)
Franco Nevada (FNV)
Ibotta (IBTA)
Lithium Americas (LAAC)
Mercury Systems (MRCY)
Wrap up
This should be a fun day for the general markets with many great opportunities to actively trade and realize a significant amount of gains in the process. I am assuming markets will remain strong throughout the day, but expect to see some volatility and maybe a couple of fake outs in the process. Regardless, there will be many opportunities to realize gains, so have some fun and make the most out of today!
Good luck trading and let’s see where the markets take us!