HaiKhuu Daily Report - 08/16/2024
Good morning, and happy Friday! Wow this week has absolutely flown by, and I hope that you are ready for another fun day for the markets. Conditions are looking extremely strong, with $SPY back above the daily cloud resistance, providing traders with confidence and attempting to fulfill the bullish cycle I was talking about yesterday. As I have said before, please look to practice safe risk management and manage your positions actively. Markets are bullish at the moment but tread lightly as we can be rug-pulled at any time. Make sure to have stops set in place, but do what you can to maximize your profit potential. It will be a great day with many opportunities to trade, now it is just a matter of being able to consistently realize gains and seizing the opportunities that are presented to us.
I am excited to see where the markets take us today. It is just a matter of whether they want to continue moving up, providing us all with an amazing opportunity to trade and realize significant gains! We are back in fear on the fear and greed index, compared to being in extreme fear, which is a “good” sign!
Good luck trading, and do what you can to make the most out of today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $531.82
Baseline Support: $537.71
Psychological Support: $550
Daily Cloud Support: $517.61
Thoughts & Comments from Yesterday - 08/15/2024
Yesterday was a beautiful day for the markets. All of the economic news that came out during the pre-market session provided us with a significant amount of confidence that we could have easily capitalized on with confidence. Traders were provided with consistent momentum throughout the day that was honestly easy to ride and even easier to capitalize on. I hope you all had a wonderful day, were able to capitalize on the strength of the market conditions yesterday, and had an amazing time in the process!
We started the day with $SPY opening beautifully green, opening at $549.50, continually testing that $550 resistance point, and breaking out of the daily cloud on strong economic news. Markets remained relatively stagnant for the first hour of the trading day, going on to make the official low of the day trading at $548.89, but that is relatively insignificant compared to the upside potential we saw. $SPY quickly went from the low of the day to continually rallying throughout the rest of the morning through the lunchtime lull and continued to push into the early afternoon.
The markets continued to make new highs throughout the day, and we were thankfully able to catch many great scalps and day trades in the process. Conditions were strong and consistent throughout the day, and if anyone had followed our alerts or simply followed the general market momentum, they would have been in an amazing place.
$SPY ended the day making the official high, trading at $553.36 before officially closing the day trading at $553.07, up $9.32 for the day or up 1.7%. It was not the most insane intraday movement, but these market conditions have been extremely beautiful, providing us with an opportunity to trade, allocate long into the markets, and realize gains from the bottom.
I hope that you all have had an amazing time actively trading and realizing gains over the previous couple of weeks and are ready for what should be another fun and exciting day for the markets. Hopefully, market momentum remains strong throughout the day to provide us with the cherry on top of an insane week for the markets!
S&P 500 Heat Map - 08/15/2024
Thoughts & Comments for Today - 08/16/2024
Today is setting up to be another great day for the markets. HOPEFULLY, this strong bullish momentum continues, but with the way things are looking, I think we are in for what should be an extremely fun ride. I personally believe that many traders throughout the day should be able to realize a significant amount of gains with ease, but now it is just a matter of whether traders are going to be able to remain consistent.
With the strength in the markets at the moment, I am expecting to see choppier market conditions today. In the case that happens, please tread extremely lightly, as conditions are still great, but we can watch as $SPY drops on us at genuinely any moment. Conditions are significantly better than they were this time two weeks ago, and we’ve recovered the large majority of the losses that were incurred. This is a great time for you to breathe a little and know that you are not experiencing the same sort of stress and downside risk as we were seeing just a couple of days ago, but conditionally, we should still be practicing safe risk management to limit that risk, because, at any time, we know the markets can be sold off, and it is an underlying fear that we should consider after this beautiful movement up. I am not saying that the markets are going to be slaughtered as a result, but it is not something that I personally am extremely comfortable and confident with.
The easiest way to navigate a day like today is by actively scalping and trading throughout the day and day trading the general market momentum. Assuming the markets react like yesterday, there is no reason why there should be that much risk that is taken on in these conditions, but at the same time, if conditions remain choppier, it will be difficult to day trade. But do not fight any trends, do not fight the momentum in the markets, and do what you can to maximize your profits.
When actively day trading and scalping, look for opportunities to be able to capitalize on the strength in the markets while conditions are still optimal and set tight stops to be able to minimize your losses where possible. Do not do anything that may jeopardize the gains that you’ve generated over the previous couple of trading days!
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, $MSFT, $AMD, $INTC, $AAPL, $AMZN
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/16/2024 (ET):
Building Permits - 8:30 AM
Housing Starts - 8:30 AM
UMich Inflation Expectations & Consumer Sentiment - 10:00 AM
Notable Earnings for 08/16/2024
Pre-Market Earnings:
CI&T (CINT)
Flowers Food (FLO)
Wrap up
This is going to be a fun way to end the week, so let’s do what we can to maximize our profit potential and capitalize on the strength in these market conditions. Make sure to practice safe risk management, tighten up some stops, and realize some gains today! Do not fight the momentum in the markets, but I think we are about to have an absolutely amazing time trading today!
Good luck trading, and let’s end this week strong!