HaiKhuu Daily Report - 08/30/2024

Good morning, and happy Friday! Markets are in a state of confusion, but honestly, that is perfect, in my opinion. $SPY is testing $560 at the time of writing this report, meaning we are up during the premarket session and above a current resistance level. Hopefully, market momentum gets stronger throughout the day, providing us all with a great opportunity not only to trade but also to realize a significant amount of gains in the process.

Regardless, though, life goes on, and so do the markets. So look to make the most of market conditions today and have an amazing time, as things are only about to get significantly better. I am very excited to see where the markets take us today, but I am skeptical because of the underlying conditions. 

Please practice safe risk management when attempting to trade today, and do what you can to maximize your profit potential. Follow the market momentum, realize some gains, and do what you can to maximize those gains. This will be a fun way to end this week, so make the most out of today and take advantage of this market momentum! 

Good luck trading, and let’s see if $SPY can make a new all-time high today!

The updated $SPY daily levels are as follows:
Conversion Line Support: $558.89
Baseline Support: $537.09
Psychological Support: $560
Daily Cloud Support: $552.72

Thoughts & Comments from Yesterday, 08/29/2024

Yesterday was a beautiful day for the markets… until it wasn’t. Conditions were great as $SPY was only $2 away from making a NEW all-time high before unfortunately coming down. Traders easily could have made money towards the upside, and the lucky individuals should have been able to profit on the downside with relative ease!

We started the day with $SPY opening above the $560 resistance level, opening at $560.28, before quickly coming down to test the $560 support level, before going on an absolute tear throughout the entire morning. Conditions were great as $SPY only continued to make new highs in the process, and conditions were genuinely phenomenal. Everyone was excited going into the lunchtime lull, with $SPY hovering around the $562 point. Conditions weren’t good at $562, but they got significantly better as traders came back into the markets and continued to make new highs in the process. We went on to make the official high of the day, trading at $563.67, less than $2 away from the previous all-time high, but this is where things started to get rough.

In the early afternoon, there was honestly no good momentum in the markets for us to capitalize on. $SPY was trading north of $562, but was stuck in consolidation. Conditions were not optimal at the time, but thankfully, the markets decided a direction they wanted to take, and oh boy was it an interesting move.

Right around 2:30pm EST, markets started to drop slowly, not causing any panic, but by 2:45, the markets had lost all of the gains that were previously generated. $SPY made the official low of the day; trading at $557.18, and continually hovered around that area leading into close. There were no good opportunities to catch that bounce during market hours, where we officially ended the day with $SPY trading at $558.35, up $0.05 for the day, or up approximately 0.0090%.

Wow, what an insane day-to-day movement on $SPY, closing right at the previous close. (That was sarcasm) But in reality, opportunities were genuinely amongst us in the day, mostly looking at the day in hindsight. I hope that you all were able to realize a significant amount of gains with both comfort and confidence in the process and had an amazing time doing so. Regardless of what happened yesterday, today is a new day, and I am very excited to see where the markets take us this morning!

S&P 500 Heat Map - 08/29/2024

Thoughts & Comments for Today - 08/30/2024

Today is going to be a confusing day to navigate, but opportunities are genuinely going to be among us. With the way the markets are sitting up during the pre-market session, I believe that traders should be optimistic and excited to trade today but should watch their backs because we could easily break down and sell off.  I am not saying that the markets are going to be overly bullish or bearish today, but I believe that you should be optimistic and ready to follow the general market momentum. If market conditions are looking strong, then go long with a stop in place to secure some profits, and in the case that you believe the markets are displaying some general weakness, then cool, look to short the markets with a stop in place. 

Be fluid with the direction of the markets. If conditions are strong, then conditions are strong, but if conditions are weak, conditions are weak. There is no need to pretend to be able to guess and pray when the reversal happens, where you are simply just fighting the momentum on the way up. Just do what you can here in the short term to follow the general market momentum and simply follow the trend. Once you see a confirmation of a reversal against your direction, look to either exit your position or do what you have to do to ensure that you are able to continually realize gains. 

I do not want to be too optimistic when I say this, but I really do believe the markets have a shot at making an all-time high. It might not happen today, but we are seeing a significant amount of strength in the general market sentiment at the moment, and the fact that we could have easily hit it yesterday in the case that $NVDA moved up on earnings would have been a great time. Now, we are just waiting for $NVDA to join the party. The day that $NVDA joins the party, assuming that the rest of the markets don’t come crashing down, will be the day that $SPY makes a new all-time high. 

One additional note: I just want to say thank you to everyone who has been here in the community over the previous couple of years, and I just want to say thank you to everyone who’s been supporting us over the previous couple of months. A lot of wild turbulence and changes have happened, but conditions are getting significantly better. There is not as much volatility and work for me is starting to calm down a little more, where I should be able to start actively trading again extremely soon. So, when that happens, I will let you all know. I’ll be focusing on free-equity trades and building up a long-term portfolio, so that will be a lot of fun! Might start as soon as TUESDAY, who knows. We will see! 

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, $INTC, $TSLA, $AMD, $MSFT, $RIVN, $AIFF

LONG OPPORTUNITIES:

  • Long-Term Dividend - $GAIN / $JEPI

  • Long-Term Investment - $INTC

Economic News for 08/30/2024 (ET):

  • Personal Spending - 8:30 AM

  • Core PCE Index - 8:30 AM

  • Consumer Sentiment - 10:00 AM

Notable Earnings for 08/30/2024

Pre-Market Earnings:

  • JinkoSolar Holding (JKS)

Wrap up

Hopefully, we watch as the markets break out from here, and we make a new all-time high early in the morning on good economic news, but regardless of what happens, do what you can to maximize your profit potential while taking on the least amount of risk possible. Follow the market momentum. Conditions should get a lot better soon, so let’s see where the markets take us right now and do what we can to make the most out of today! 

Good luck trading today, and let’s end this week strong!!!

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