HaiKhuu Daily Report - 08/29/2024
Good morning, and happy Thursday! Markets are looking alright after $NVDA earnings, but interesting enough, we gapped up beautifully from the previous close, dropping to make a low last night with $SPY trading around $554, opening at $558 and trading at $560 at the time of writing this report.
I think that with $NVDA earnings not catapulting us to a new ATH or coming crashing down like the Titanic, should make market conditions stronger and more confident here in the short term. The major market-moving catalyst is over. Yes, the results were not stellar, but I believe there’s an extremely high likelihood that the markets will move up today as a result of strong $NVDA numbers!
Please look to take advantage of the movement we have today, mostly if it is a large directional move that we can capitalize on. Follow the momentum and realize some gains today!
Good luck trading, and let’s see where markets take us today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $557.59
Baseline Support: $537.09
Psychological Support/Resistance: $560
Daily Cloud Support: $554.52
Thoughts & Comments from Yesterday, 08/28/2024
Yesterday was a tough day for the overall markets. Conditions were choppy, and many traders had difficulty navigating these conditions comfortably and confidently. Losses were generated, but opportunities were at least presented to us.
We started the way with $SPY slightly red, opening the day trading at $561.18. Conditions were not ideal, but at least they were not bad. The first hour of the day was relatively rough and only continued to get worse throughout the morning, as we started to sell off early in the day, broke through that $560 resistance level, and never came back up. We continually tumbled, hovering $558 around lunch, and continually chopping around there until enevibtably, we continued to dump after the fact, going on to make the official low of the day trading at $555.04.
Thankfully, we bounced off the daily cloud for $SPY perfectly and alerted an entry at the bottom before $SPY quickly reversed and broke out. We watched as $SPY quickly went from $555 to rally and hit $559. Going long at the daily cloud was the only opportunity to allocate long and generate anything of any significance. Regardless, though, life moves on. We ended the day with $SPY trading at $558.309, down roughly $3.30 for the day, or down 0.6%.
The fun all started after hours, though; I sold my $FIVE calls, down $120 instead of up $200, which was unfortunate, and watched as the organization ripped 30 minutes later, but as I always say, C’est la vie. $NVDA was a wild time, displaying phenomenal numbers and dropping, providing traders with confusion. But like I said, I don’t know what would cause $NVDA to rally heavily.
Life is good, and so are the markets, so let’s see where these market conditions take us today!
S&P 500 Heat Map - 08/28/2024
Thoughts & Comments for Today - 08/29/2024
Today is setting up to be another extremely interesting day for the general markets. With the way that everything is set up at the moment, traders should be optimistic about these conditions but realistic with their expectations. $NVDA didn’t cause the markets to rally or tank, which is an amazing sign, and as a result of this, I believe that the markets are in a situation where, realistically, we can very easily break out with confidence. I do believe that it is rather unrealistic to be expecting a new all-time high; but it is a non-zero chance that it happens.
In the case that we see this movement up, $NVDA is going to remain strong, traders are going to remain optimistic, and this is going to be a great time. But just because there is a chance for us to go make a new all-time high does not mean that the markets cannot come down realistically too here in the short term. I am expecting to see volatility and chop to make trading conditions more difficult, but at the same time, realistically, with the way the markets are moving, I would rather be bullish than bearish. But general sentiment all comes down to market conditions, news, and momentum. Follow the momentum and direction in the markets and capitalize on the trends, but if you are not comfortable or confident, then do what you can to maximize your profit potential and scalp and trade the short-term volatility.
Continue to tread lightly and find strong opportunities to find scalps continually throughout the day. I have traders who are excited to allocate into the markets, but at the same time, we are seeing many traders sitting there and having an extremely difficult and uncomfortable time attempting to trade, knowing that, realistically, we can drop at any moment. This is a concern but is something that is easily mitigated by simply following the general market momentum and setting stop losses on positions that you do not feel comfortable or confident in actively trading. I do believe that it is unrealistic to expect consistency in the markets, but I also believe that it is unrealistic for everyone to remain level-headed and rational when it comes to making positions, so please, just do what you can to minimize your risk, emotions, and exposure, mostly when you are uncomfortable. If this means getting stopped out of a position, entering into fewer shares than desired, or simply not being able to get exposure, it’s just life and the markets. You’ll miss out on an opportunity or two in your lifetime trading doesn’t mean that the next opportunity is not going to come because you missed the last one.
Be smart, be safe, and realize gains.
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, $MSFT, $AAPL, $TSLA, $RIVN, $INTC, $FIVE, $AIFF
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $FIVE
Economic News for 08/29/2024 (ET):
Jobless Claims - 8:30 AM
Retail Inventories - 8:30 AM
Wholesale Inventories - 8:30 AM
Fed Bostic Speaks - 3:30 PM
Notable Earnings for 08/29/2024
Pre-Market Earnings:
Best Buy Co (BBY)
American Eagle Outfitters (AEO)
Dollar General Corporation (DG)
Birkenstock Holding (BIRK)
Burlington Stores (BURL)
Campbell Soup (CPB)
GMS Inc (GMS)
Canadian Imperial (CM)
After-Market Earnings:
Dell Technologies (DELL)
Lululemon Athletica (LULU)
ULTA Beauty (ULTA)
Marvell Technology (MRVL)
Gap (GPS)
Autodesk (ADSK)
Wrap up
Hopefully, market conditions will continue to remain strong and optimistic for us and provide us with an opportunity not only to trade but to realize a significant amount of gains as a result. I am excited to see where the markets go today, and even more excited knowing there is a chance we make a NEW all-time high on $SPY! Conditions are beautiful, and I hope you all are extremely excited for today!
Good luck trading, and let’s see if $SPY has what it takes to make a new all-time high!