HaiKhuu Daily Report - 08/27/2024
Good morning, and happy Tuesday! I hope you all are ready for today, because I am back and have a VENGEANCE. Markets are looking beautiful during the pre-market session, and I hope that you all are ready for what should be a great day. We’ve seen a lot of volatility in the markets over the previous couple of days, but the biggest concern that I have for these market conditions is the fact that we have $NVDA earnings TOMORROW, after-hours, being a major catalyst for general market movement. If $NVDA does wonderfully, expect to see a NEW all-time high in the markets, but if $NVDA misses expectations, get ready for a tough time.
Please tread lightly in these market conditions as we can go genuinely in either direction, but now it is a matter of being able to remain both resilient, and optimistic. Do what you can to realize gains with ease and take advantage of the strength in the markets!
Good luck trading, and let’s see what $SPY can do!
The updated $SPY daily levels are as follows:
Conversion Line Support: $552.02
Baseline Support: $537.09
Psychological Support: $560
Daily Cloud Support: $554.45
Thoughts & Comments from Yesterday, 08/26/2024
Wow, yesterday was a gross day for the general markets, meaning that, realistically, it was a great day to take off and rest. There was a significant amount of choppy, bearish momentum in the markets that looked extremely difficult to attempt to trade, where there were only a few bullish opportunities that you could have caught. My assumption is that the large majority of traders had a difficult time navigating yesterday, but hopefully, no significant realized losses were generated.
We started the week with $SPY looking great, displaying slight confidence at open, opening at $563.15, before going on to make the official high of the day trading at $563.91, up slightly from the previous close, but was instantly met with some significant bearish momentum. $SPY continued to drop, going on to make a relative low, trading right above $560, to only watch $SPY sell off again, hovering at $560 point for a while, before breaking back up and recovering the majority of the losses that were generated from the selling. $SPY hovered right below $562 after the lunchtime lull, only to sell off and make the official low of the day, trading at $559.08
Thankfully, the markets were able to recover slightly into close, where we ended the day officially with $SPY trading at $560.79, up slightly from the bottom, but still down slightly from the previous close on Friday. We ended the day with $SPY down $1.34 for the day, or down roughly 0.25%.
Again, not the best day for the overall markets, but hopefully, losses were minimal during that time, and that you felt both comfortable and confident in your ability to actively trade and navigate these conditions. I would assume that the majority of traders had a tough time attempting to navigate yesterday, but hey, that’s just life and the markets. Hopefully today is a better day, and we will see what happens from here!
S&P 500 Heat Map - 08/26/2024
Thoughts & Comments for Today - 08/27/2024
Today should be an interesting day for the overall markets. We are testing major support at $SPY $560, the daily cloud is right below us, and market conditions are looking strong, but we are going to be in a relative state of confusion, mostly as $NVDA earnings are coming up tomorrow. We can genuinely go in either direction, but now is your chance to predict which way we are headed. Either $SPY is going to break back out and make a new all-time high on strong $NVDA earnings, or $SPY is going to sell off, making a new relative low in the daily cloud as a result. Regardless of where we go, there will be volatility and uncertainty. So I am telling you this now: prepare today for what is about to happen after hours tomorrow because that is going to be a wild, wild time.
If you are confident that $NVDA is going to move up, allocate long. If you believe that $NVDA is going to come down, short the markets. It’s that simple. The thing you should worry about is making sure that you are practicing safe risk management. There is no reason why you should be hyper-leveraging your account and praying that there is some sort of directional move that you can capitalize on with both comfort and confidence.
Just continue to tread lightly, and let’s do what we can to make the most out of these strong market conditions. I really hope that we do only continue to see new all-time highs as a result of $NVDA, but I am just being realistic, knowing that in the best-case scenario, markets are phenomenal; it is just those scenarios where market conditions are rougher, and we are starting to become fearful again of these conditions. $NVDA earnings are one of those catalytic events that could cause this.
For those who are in my $FIVE alert that I called out the other day, we have earnings coming up tomorrow. The position is not as significant as $NVDA, but it is a position that you should be watching if you are allocated. If you aren’t, this does not apply to you, so don’t worry. But, if you are in the position now, come to the decision if you want to take profit on your position or if you want to roll the dice. The implied move at the moment is $11, meaning the range at the moment is roughly $73-95/share. This is not a bad time to take profit if that is what you desire, but just continue to be safe. in my opinion, this is still a gamble I enjoy. I may take profits today as I am already up 20-30% on my option, the biggest concern is when earnings happen and this blows it out of the water, that the position rips 2-300% afterwards without me. Regardless though, this is not a bad point to consider taking profits if you do not want to hold through earnings and do not feel like gambling. Just my two cents about these conditions, so be smart and safe while navigating this position, and consider taking profit if you are happy!
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, $FIVE, $INTC, $NVDA, $TSLA, $MSFT, $META, $AAPL
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $FIVE
Economic News for 08/27/2024 (ET):
Home Price Index - 8:30 AM
Consumer Confidence - 10:00 AM
Notable Earnings for 08/27/2024
Pre-Market Earnings:
Bank of Nova Scotia (BNS)
Allot Communications (ALLT)
Bank of Montreal (BMO)
Hain Celestial (HAIN)
Super Hi (HDL)
REX American Resources (REX)
ScanSource (SCSC)
After-Market Earnings:
SentinelOne (S)
Box ( BOX)
nCino (NCNO)
PVH (PVH)
Nordstrom (JWN)
Semtech (SMTC)
JOYY (YY)
VNET Group (VNET)
Wrap up
Hopefully, market conditions will only continue to improve, leading to NVDA earnings tomorrow. This will be an extremely interesting time, as market conditions will be volatile and difficult to navigate, but money will be actively flowing. So do what you can to maximize your profit potential and have an amazing time in the process. I think we are about to have an amazing day trading, so let’s do what we can to maximize our profits and have an amazing time!
Good luck trading, and let’s see where the markets take us!