HaiKhuu Daily Report - 08/14/2024
Good morning, and happy Wednesday! These market conditions are beautiful, and I hope you are ready for another exciting day for the markets! $SPY slowly trickled up yesterday, providing traders with more and more confidence in the process, making it extremely easy and convenient for many traders to actively trade and realize gains. Hopefully, you all were able to capitalize on the momentum of yesterday and are ready for another extremely strong day for the markets.
We are coming up to the daily cloud resistance, so be cautious. At this level, we are either going to watch as $SPY breaks out beautifully and shows us that sign of a reversal from the bottom, or we will ultimately reject it, displaying a strong level of confidence. Regardless, as I said, we will see a directional move, and this may be the move that we have been waiting for.
Continue to capitalize on the strength in the general markets. It should be an extremely fun opportunity to actively trade and realize significant gains in the process. It is now just a matter of seeing if there is enough strength for the markets to break through resistance and continue to run!
Good luck trading, and let’s see if $SPY has some legs today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $532.57
Baseline Support: $537.71
Psychological Support: $540
Daily Cloud Resistance: $543.33
$SPY Daily Candles - [08/13/2024]
Thoughts & Comments from Yesterday - 08/13/2024
Yesterday was a beautiful day for the general markets, with all-around strength and optimism (Outside of Energy as a sector). Almost everything rallied beautifully yesterday as there was strength in the markets, providing everyone with a beautiful opportunity to realize a significant amount of gains in the process. Life is good when the markets are green, so let’s continue to enjoy this strength and capitalize on it while we can.
We started the day during the pre-market session when PPI data came out lower than expected, which is a great thing for the markets, causing $SPY to move up slightly in the process. Conditions were looking good as opportunities genuinely were amongst us, and we watched as $SPY looked great going into the open. We opened the day with $SPY opening at $536.66, up slightly from the previous close, and looking strong from the get-go, we did make the official low of the day early on trading at $536.28, a whopping $0.38 downside from the open price, and watched as $SPY continued to rally beautifully in the process, continuing to make new high after new high.
Conditions were looking strong throughout the lunchtime session as the markets continued to slowly stairstep up, but the unfortunate part is that when $SPY started to hover around 1 PM EST, markets started to stagnate. Conditions at this time were still phenomenal as $SPY was extremely strong, but we did not see the continued bullish movement after $SPY broke above $540.
The afternoon was extremely lackluster due to this, but regardless of how the markets were looking at this time, we cannot discount the fact that $SPY rallied beautifully and was up roughly $7-8 in the process. We did watch as $SPY broke out once last time leading into close, with $SPY making an official high of the day leading into close, trading at $542.28, before ending the day trading at $542.04, up $8.77 for the day, or up 1.64%.
It genuinely was a beautiful day for the markets, with opportunities to actively trade and realize gains in the process. Life gets significantly better, and we are able to realize a significant amount of gains in the process. Hopefully, you all enjoyed an extremely fun time in the markets with us and are ready for another fun day!
S&P 500 Heat Map - 08/13/2024
Thoughts & Comments for Today - 08/14/2024
Today is setting up to be one of those extremely beautiful and memorable days for the markets. $SPY is showing strength and confidence leading into the pre-market session, and with CPI data coming out before opening, there is a chance that we will rally and break through the daily cloud resistance. PPI data came back strong yesterday, which hypothetically means that things are going to become cheaper from a consumer standpoint, meaning that CPI data should come back strong, too. Assuming that the markets work in the way that they should, I am expecting to see some bullish momentum during the pre-market session as a result of this. Have I been wrong before? 100%. There is a chance that I am wrong, but I am confident that I am right on this, and that is why I am putting it down in writing for everyone to see during the pre-market session.
But outside of this, with the current placement in the markets, conditions are looking extremely strong and optimistic. We have broken back above both the conversion line and the baseline, providing us with a significant amount of confidence while the markets are displaying strength. I believe that there is an extremely high likelihood that the markets break out of this cloud and will continue to have a beautiful bullish recovery in the process. In the case that this happens, enjoy the ride because it is going to be an amazing time. But, just to play devil’s advocate, there also is a scenario where CPI data comes back weaker than expected, and we watch as $SPY rejects the daily cloud resistance like it is the plague. I genuinely do not know which direction we ultimately are going to decide, but all I know is that I am personally very confident in these market conditions, and I am confident that the markets will break out. I am more confident that the markets will move up beautifully compared to being a pessimist and expecting the markets to sell off.
Regardless of which direction the markets ultimately decide to take, please continue to tread lightly and practice safe risk management. The easiest way for you to capitalize on this general market strength is by simply following the market momentum. It is going to be difficult to follow, assuming we have choppy conditions, but looking in hindsight yesterday, you could have literally purchased at any time and would have been up throughout the entire day.
Just be careful, though, as just because yesterday was a beautiful, blindly bullish day, we all remember how market conditions were on Monday, setting up multiple rug pulls that wiped out accounts in the process. So tread lightly on these market conditions, but be optimistic. Most of the pre-market sentiment, if not all of it at this point, comes down to the movement that is generated via CPI, so watch that movement and do what you can to follow the momentum. We will be watching it together in real time, so do what you can to maximize your profit potential and realize some gains 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, $INTC, $AMD, $TSLA, $MSFT, $AAPL
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/14/2024 (ET):
Consumer Price Index (CPI) - 8:30 AM
Notable Earnings for 08/14/2024
Pre-Market Earnings:
Brinker International (EAT)
Cardinal Health (CAH)
Acros Dorados Holdings (ARCO)
Bakkt Holdings (BKKT)
Dole plc (DOLE)
Elbit Systems (ESLT)
European Wax Center (EWCZ)
Global- e Online (GLBE)
ICL Group (ICL)
Marex Group (MRX)
After-Market Earnings:
Cisco Systems (CSCO)
DLocal Limited (DLO)
Arcutis Biotherapeutics (ARQT)
StoneCo (STNE)
Canoo (GOEV)
GeoPark Limited (GPRK)
Dragonfly Energy (DFLI)
Lulus Fashion (LVLU)
Wrap up
There is a chance that $SPY is able to break out of the daily cloud resistance today. In the case that happens, expect to see a significant amount of bullish momentum and confidence, but at the same time, in the case that $SPY rejects, we most likely will see some bearish momentum in the markets. Let’s cross our fingers and hope for strength in the market conditions, but I personally am very excited and confident in the strength where we should be able to break out beautifully in the process.
Good luck trading, and let’s see if$SPY can break through the daily resistance!