HaiKhuu Daily Report - 08/22/2024
Good morning, and happy Thursday! Wow, this week has been FLYING by. Market conditions are looking extremely strong, and I hope you all are excited! $SPY is less than 1% away from making a NEW all-time high, meaning traders have had an amazing time, and everyone is realizing a significant amount of gains with relative ease. FOMC minutes yesterday did not impact the markets heavily, but there were signs that rates will start to get cut in September, which is a great sign for consumers but rough on the general economy.
Regardless, market conditions are looking strong and optimistic, and I think we should be, too. Please continue to practice safe risk management and limit your downside risk, but do what you can to maximize your profit potential over the next couple of days. Follow the market momentum, realize gains, and simply have an amazing time in the process.
Good luck trading, and let’s see if $SPY breaks out today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $509.06
Baseline Support: $508.86
Psychological Support: $500
Daily Cloud Resistance: $517.61
Thoughts & Comments from Yesterday 08/21/2024
Yesterday was a WILD day for the markets. We watched as there was a significant amount of volatility in the markets, making conditions extremely difficult to navigate but extremely profitable for the traders who were able to catch some of the swings
We started the day with $SPY opening at $559.74, up slightly from open, but nothing of any major significance. Markets chopped around for the first couple of minutes before quickly breaking out, making the high of the day trading at $562.11. After making that high, we watched as $SPY quickly reversed in a matter of just a couple of minutes. We watched as $SPY dropped $4, going on to make a relative low trading right above $559, before quickly coming back up to test $560, selling back off during lunch and making the official low of the day trading at $557.99.
After making the official low of the day and reversing from the bottom, $SPY quickly retraced back to $560 and continued to remain strong around that level until FOMC minutes came out. Once the minutes came out, markets were looking strong with the news that we are planning on having a rate cut as soon as September. If we are able to get a 25 bps rate cut, that would be the best-case scenario, providing confidence in the general markets. $SPY did rally again to test the official high of the day, but was unfortunately met with some instant bearish sentiment, having the markets hover and bounce around that $560 area.
Thankfully, the markets moved up once again before market close, where we ended the day with $SPY officially trading at $560.62, up almost $2 for the day, or up 0.34%. Market conditions were great, we displayed a significant amount of strength, and opportunities were genuinely amongst us to actively trade. I hope that you were able to enter into one of the many positions we alerted yesterday in our exclusive discord and were able to realize gains with us on an extremely fun and volatile day for the markets!
S&P 500 Heat Map - 08/21/2024
Thoughts & Comments for Today - 08/22/2024
As I’ve said, I think that today should be setting up[ to be a fun day for the markets. Typically, the day after the FOMC minutes come out, we see an increase in general momentum and volume in the markets, where we typically go in a single direction for the large majority of the day, and here is to hoping that we only blindly continue to move up to make a new all-time high on $SPY in the process. Market conditions are looking strong right now, with $SPY trading above the $560 resistance level, but now is the time we have to watch for sustainability above this level, buying confidence for people to purchase at this level, and the volume necessary for us to continue to move up. Assuming we have all three, then we should honestly have zero problems actively trading and capitalizing on this new all-time high.
The biggest thing I do need to warn you about, is not to have the blinders put on. Market conditions can be ruthless, and they will be. But now, it is just a matter of time to be able to capitalize on these market conditions, realize gains, and do what we can to maximize our profit potential with relative ease. If markets are looking strong, follow the momentum, but be cautious. Know that at any time, the markets can easily come down, but it is more so a matter of being able to remain consistent in the process and do what you can to maximize your profit while understanding you need to remain fluid in these conditions. If markets are looking weak, don’t be hyper-optimistic and buy any dips, and if the markets are strong but you wanna be bullish… don’t short the rips.
Just attempt to actively scalp and day trade throughout the day when opportunities are presented to us. Risk management, as always, is going to be a major key to your success in the markets, but doing what you can now to have almost zero risk in any position is genuinely the goal that every trader should realistically be attempting to achieve. Anyone can try and win big playing the slot machines, but it takes a pro to consistently generate money at the poker tables. The same thing applies to the markets. I’m not trying to blow $100 per spin losing on 0-DTE OTM Calls. I’m trying to consistently win and play my cards right with good positions.
I’ll do what I can to find as many great plays as I can for you all today. We had many positions alerted yesterday, and if I am just being honest, I do not know if we will be able to achieve that quantity of high-quality alerts again, but I will do my best to alert out as many plays as possible. I hope that you all have been able to realize gains with relative ease and consistency with those plays!
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, $RIVN, $DIS, $AAPL, $INTC, $MSFT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/22/2024 (ET):
Jobless Claims - 8:30 AM
Chicago Fed National Activity - 8:30 AM
S&P Global PMI - 9:45 AM
Existing Home Sales - 10:00 AM
Notable Earnings for 08/22/2024
Pre-Market Earnings:
Baidu (BIDU)
Peloton Interactive (PTON)
Advance Auto Parts (AAP)
Canadian Solar (CSIQ)
BJ's Wholesale Club (BJ)
TD Bank Group (TD)
Viking Holdings (VIK)
iQIYI (IG)
After-Market Earnings:
CAVA Group (CAVA)
Bill.com Holdings (BILL)
Workday (WDAY)
Intuit (INTU)
Ross Stores (ROST)
Red Robin Gourmet Burger (RRGB)
American Software (AMSWA)
Wrap up
Hopefully, markets will be able to break out on major economic news, giving us all opportunities to actively trade and realize a significant amount of gains with both confidence and ease. In the case that $SPY is able to break out, we are within a range where we can expect to see a new all-time high. I am not betting that we will make that all-time high today, but it would not be surprising. Tread lightly, practice safe risk management, and limit your risk. This should be a fun time regardless, so let’s have a great time today!
Good luck trading, and let’s see a NEW all-time high on $SPY!