HaiKhuu Daily Report - 08/20/2024
Good morning, and happy Tuesday! Is today the day we watch as $SPY makes a NEW all-time high??? This should be a lot of fun, and I hope you all are doing well and are ready for today! Life is good, and the markets are looking even better, so I hope you all are ready because we are less than 1% away from making that new all-time high on $SPY!
The recovery that we have seen from the bottom is beautiful, and I hope that you all have been able to capitalize on these beautiful market conditions. Do not get greedy, but continue to capitalize on these market conditions. A lot of going down in the markets at this moment, and there is no reason that we do not continue to pump leading into FOMC tomorrow. It will be interesting to see how people’s sentiments are impacted today as a result of preparing for FOMC tomorrow, but conditionally, I am extremely excited to see where the markets go from here.
We have seen a confirmation of a reversal as the TK lines officially had a weak bullish crossover, but that is a sign of strength in these market conditions.
Continue to scalp and actively trade these conditions, as the markets have been phenomenal. Look to realize gains. As always, practice safe risk management, but take advantage of the strength in the markets right now.
Good luck trading, and let’s see if $SPY breaks out again today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $538.83
Baseline Support: $537.71
Psychological Support: $550
Daily Cloud Support: $549.65
Thoughts & Comments from Yesterday 08/19/2024
Yesterday was an extremely strong and bullish day for the overall markets. $SPY continued to rip and rally throughout the day, providing traders with both comfort and confidence in the process, providing conditions that were easy to navigate and realize gains confidently. I hope you all had a lot of fun and were able to realize a significant amount of gains in the process, and had a lot of fun realizing gains extremely consistently. Regardless of anything, though, life does move on, and hopefully, conditions only continue to get better from here!
We started the day yesterday with $SPY opening at $554.71, up slightly from the previous close but nothing of any major significance. $SPY was relatively slow and choppy around open, where we went on to sell off slightly, making the official low of the day trading at $533.88, down slightly, but nothing of any major significance. After quickly making the low of the day, we were able to watch as $SPY provided us with a significant amount of confidence, rallying throughout the rest of the day, continually making new high after new high.
$SPY did slow down around the lunchtime session, hovering around the $556.60 range, not displaying a significant amount of confidence in either direction. Thankfully, as volume started to come back into the markets, we watched as buying momentum started to hit the markets again, and we continued to make NEW highs throughout the rest of the day, slowly but surely climbing up extremely consistently.
During powerhour, market conditions were relatively neutral, continuing to move up slowly until the final ten minutes of the trading day, when we watched as $SPY broke out, and made the official high of the day at close, ending the day trading at $559.61, right under the $560 resistance level, ending the day up $5.30, or up 0.96%.
It was genuinely a beautiful day for the markets, with many great opportunities to trade and realize a significant amount of gains in an extremely short period of time. I am extremely happy with the way that the markets were able to move and the fact that we were able to realize gains with extreme ease yesterday. Life is great, and so are the markets, so let’s see where markets take us today, and be excited knowing we might hit a NEW all-time high today!!!
S&P 500 Heat Map - 08/19/2024
Thoughts & Comments for Today - 08/20/2024
Today should be another fun day for the markets. With the strength in these current conditions, as I have said before, I believe there is an extremely high likelihood that we watch as $SPY makes a new all-time high today. I would not bet for that to happen, but it is one of those scenarios where, realistically, I think that can happen at any time, with relative ease. Continue to capitalize on these market conditions and take advantage of the momentum in the markets, but tread lightly. We need to see a rejection of the general markets here in the near future, but the question is, when will that happen? Realistically, there is no good answer on where the markets are about to take us, but it is one of those scenarios where, realistically, we can see a significant amount of upside, depending on where the markets go not only today but the sentiment that is being driven for tomorrow.
With FOMC tomorrow, I am expecting to see decreased volume in the markets today, but I am expecting to see momentum based on people’s sentiments tomorrow. Assuming that the overall sentiment is strong leading into FOMC, we will see people purchasing, resulting in the markets moving up continually today. If people are bearish and are attempting to pump the markets up before they sell everything off once again, we will see that very early on with the general market momentum.
Regardless of how you want to allocate your money in the markets today, whether you are just actively trading or scalping, the biggest thing to make sure to do is not to fight any trends. Follow the market momentum because it is larger than you, and ride in its wake. There is no reason to attempt to fight the general momentum, mostly if you are going to lose that battle.
The only time I would advise attempting to capitalize on the market momentum by not directly following the trend is when market conditions are slowing down and showing a sign of a reversal in either direction. So, if the markets are going up, we are overbought, are within a consolidation, and are seeing some downside? Not a bad time to short the reversal with a tight stop. Or, if the markets are coming down, we are oversold and are now in a consolidation at the bottom but are seeing signs of a breakout forming? Not a bad time to go long with a tight stop below the low of the day.
Just continue to navigate these market conditions accordingly and do what you can to maximize your profit potential at this time. Traders should continue to have a lot of strength and confidence in these conditions, but they should also be worried about the possibility of a rug pull. We will see where the markets take us today regardless of the direction, and we will make the most of these conditions!
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, $TSLA, $INTC, $AAPL, $MSFT, $RIVN
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/20/2024 (ET):
US Redbook - 7:55 AM
Fed’s Bostic Speaks - 12:35 PM
Notable Earnings for 08/20/2024
Pre-Market Earnings:
Lowe's Companies (LOW)
Workhorse Group (WKHS)
Medtronic (MDT)
Amer Sports (AS)
Vipshop Holdings (VIPS)
Futu Holdings (FUTU)
XPeng (XPEV)
After-Market Earnings:
Dada Nexus (DADA)
La Z Boy (LZB)
Toll Brothers (TOL)
Chemical & Mining (SQM)
Jack Henry and Associates (JKHY)
Keysight Technologies (KEYS)
ZTO Express (ZTO)
Coty (COTY)
Wrap up
Today should be a fun day for the overall markets, it is now just a matter of if the momentum is able to last. So please continue to capitalize on these market conditions and do what you can to maximize your profit potential. I am extremely excited to see where the markets take us today, and I hope you all are excited, too. Just as a reminder, we do have FOMC tomorrow, so be on the lookout, as that will impact the sentiment of the markets today and the momentum of the markets tomorrow!
Good luck trading, and let’s if $SPY makes a NEW all-time high today!