HaiKhuu Daily Report - 08/15/2024
Good morning, and happy Thursday! Man, this week is FLYING by. Markets have been amazing this week. Conditions have been extremely bullish, and I am extremely excited to see where conditions take us today. We were not able to break above the daily cloud resistance yesterday, and that level has moved up, which is unfortunate, but assuming $SPY is able to break above the resistance level, conditions are only going to become stronger, providing us with more confidence, starting a self-fulfilling bullish cycle. This would obviously be the ideal scenario, but we have to be realistic, not only with our goals for the markets but our expectations here in the short term.
We are at the daily cloud resistance, so either we are able to break through resistance with ease, continuing to move up beautifully, or we will unfortunately be met with a rejection of this level and some bearish momentum. Regardless, there will be battles that happen between the bulls and the bears today, but hopefully, we all can capitalize on the sentiment, and not be wiped out or stopped by any choppy conditions. This will be a fun day, so make the most out of the opportunities that are presented to us!
Good luck trading, and continue to realize some gains!
The updated $SPY daily levels are as follows:
Conversion Line Support: $527.62
Baseline Support: $537.71
Psychological Support: $540
Daily Cloud Resistance: $547.12
$SPY Daily Candles - [08/14/2024]
Thoughts & Comments from Yesterday - 08/14/2024
Yesterday was wild for the general markets, with some difficult trading conditions. Market conditions were not optimal, and there was some mild carnage, but life moves on. We were not able to break above the daily cloud resistance, which proved that the daily cloud was a major resistance level that was difficult to break through.
We started the day with the $SPY opening at $542.86, up slightly from the previous close, but watched as there was only straight bearish momentum throughout the entire morning. We then watched the $SPY dump for approximately the first hour of the day, taking many traders with it and making the official low of the day, trading at $540.12. Thankfully, we bounced off of $540 easily and were met with some extremely strong bullish momentum afterward.
Many traders got stopped on the way down, but the recovery back was beautiful. Leading into the lunchtime lull, $SPY continued to rally, making new highs of the day continuously for about an hour until we made the official high of the day with $SPY trading at $544.95. Conditions were not perfect at the top, but situationally, they were a lot better than they could have been. The markets did quickly drop off right after making that high, continually hovering around the $543~ support level, not really doing much, and remaining neutral. There were opportunities to catch a quick breakout, but those movements did not amount to anything of any major significance.
We ended the day with $SPY popping up slightly, ending the day officially trading at $543.75, up $1.71 for the day, or up 0.32%. Overall, for the day, I would say that I am not happy with the movements, but at the same time, it puts us in a place that makes us more optimistic for the future, as we did respect the daily cloud resistance throughout the day. Situationally, conditions could have been a lot better in the case we watched $SPY break out, but regardless of the movements in the markets, the choppy market conditions made it extremely difficult to consistently realize gains with both comfort and confidence. If you were able to realize gains easily in the process, congratulations, as it was difficult to be extremely comfortable in the process. But hey, life moves on, and hopefully, today is a significantly better day for the markets!
S&P 500 Heat Map - 08/14/2024
Thoughts & Comments for Today - 08/15/2024
Today should be another interesting day for the general markets. We have a significant amount of news coming out throughout the day, and we are currently testing the daily cloud resistance. Assuming the news comes back strong, we can expect to see $SPY break through that resistance with relative ease, but then, at the same time, in the case that $SPY rejects the resistance level, I am expecting to see a significant amount of difficulty. I would not be extremely bullish or bearish going into the day and would be in a place where I am fluid with my direction with the general market momentum because market conditions are going to be choppy during this time until we find a direction people are confident in, and once we find that direction, we can move with both ease and confidence.
It is just a matter of being able to remain fluid here in the short term at least. Many traders are going to be in a relative state of confusion, not knowing how to allocate, and that is okay because it is not on us to decide on which direction the markets want to go, but more so looking for opportunities to capitalize on the confusion. The best way to do this is to scalp when traders have the confidence to do so, but at the same time, it is just a matter of being able to remain solvent while conditions are rough.
Scalping and trading will not provide you with a significant amount of life-changing gains, but you should be provided with consistency throughout the day, being able to minimize general exposure while being able to take on both risk and exposure when you have the comfort and confidence to do so. It should be an interesting time with many great opportunities to trade and realize gains, it again, is just a matter of being able to capitalize on the market momentum at the right time.
I do believe that this still is a great opportunity to purchase some undervalued organizations, but at the same time, with the current state of the markets, I would not advise an entry unless you are personally bullish, not only with your organization but with the overall markets. If you think that we are coming down, then stay away from allocating and continue to hold cash ready to allocate when you are comfortable doing so.
But I do believe that realistically, assuming that market conditions are strong with great economic news during the pre-market session, the markets have an extremely high likelihood to rip and rally, but in the case, the markets do break out. We will reject this daily cloud resistance and sell-off and bring traders in for a world of hurt!
Let’s see what the market conditions do today, and have an amazing time 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, $TSLA, $RIVN, $NVDA, $AAPL, $META, $AMZN, $MSFT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/15/2024 (ET):
Jobless Claims - 8:30 AM
NY & Philadelphia Fed Manufacturing Index - 8:30 AM
Retail Sales - 8:30 AM
Industrial Production - 9:15 AM
Business Inventories - 10:00 AM
NAHB Housing Market Index - 10:00 AM
Notable Earnings for 08/15/2024
Pre-Market Earnings:
Alibaba Group (BABA)
Walmart (WMT)
Jd.com (JD)
Deere & Company (DE)
Applied Industrial (AIT)
Golar LNG (GLNG)
Sow Good (SOWG)
Tapestry (TPR)
Canaan (CAN)
Cellebrite (CLBT)
After-Market Earnings:
Applied Materials (AMAT)
Coherent (COHR)
Grab Holdings (GRAB)
Despegar.com (DESP)
H&R Block (HRB)
SIGMA Lithium Corporation (SGML)
Wrap up
Hopefully, we will be able to watch as $SPY breaks out of the daily cloud here, provides us with some amazing opportunities to trade, and creates a significant amount of bullish momentum. Regardless of how these conditions are, just remember that you should follow the general market momentum and do what you can to protect your bottom line. As bullish and optimistic as we are, just remember that realistically, we could see some possible downside, so tread lightly, realize some gains, and have a great time!
Good luck trading, and we will see where the markets take us today!