HaiKhuu Daily Report - 09/03/2024
Good morning, and happy Tuesday! I hope you all had a wonderful long weekend and enjoyed your day off! This should be an interesting time for the markets. Are we about to watch as $SPY finally pushes and makes a new all-time high? Or are we about to watch as $SPY sells off and displays a significant amount of weakness in a short period of time? All that I know is this is going to be an extremely volatile time, so let’s prepare accordingly and make the most of this process.
We do have a lot of economic news this week, so prepare accordingly!
Some of the major events happening this week:
Today: Manufacturing PMI & ISM Manufacturing index
Wednesday: Job opening
Earnings: Dollar Tree, Dicks Sporting Goods, HP, C3AI
Thursday: Jobless Claims, Services PMI
Friday: Unemployment Report
If you’d like to see the full report of all news events and major earnings coming up this week, check out the full weekly preview HERE!
Regardless of what happens, this is going to be an extremely interesting week for the markets. There are many great opportunities to actively trade and realize significant gains. Take advantage of the opportunities presented to us, and let’s have an amazing time in the process.
Good luck trading this week, and let’s see if $SPY finally is able to make that new all-time high!
The updated $SPY daily levels are as follows:
Conversion Line Support: $559.47
Baseline Support: $537.24
Psychological Support: $ 560
Daily Cloud Support: $551.31
Thoughts & Comments from Last Week
Last week was a confusing week for the general market. There was a significant amount of volatility that made trading difficult and inconsistent, but opportunities were amongst us and provided us with the ability to realize a significant amount of gains. It was difficult to navigate the markets genuinely, and the number of inconsistencies in the market made it almost impossible to remain consistent and confident, but that is just life, and that is just these market conditions. I would say that the majority of traders were able to take advantage of the market conditions, and many were able to realize gains with relative ease.
We started the week with markets looking great. We opened on Monday, with $SPY trading at $563.40, looking beautiful and optimistic as we were less than $2 away from making a new all-time high. However, conditions quickly weakened as $SPY came down quickly throughout Monday to hover around $560 and continued to remain around that level in an extremely short period of time. Market conditions were looking confused at $560, but thankfully, we were able to retain that level until Wednesday.
On Wednesday, that is where we watched as $SPY quickly and consistently sold off, going on to make the official low of the week, trading at $554. I am extremely happy that we were able to alert the bottom almost perfectly and watched as $SPY bounced there and recovered perfectly, going from making the official low of the week to testing the official high of the week on Thursday.
Thursday was an alright day until the markets sold off heavily into close, shooting us back to the $560 range and breaking below it slightly. Regardless, that is just life, and we were not really too concerned about the selling despite it being a tough time.
Thankfully, Friday was a better time for the general markets, as $SPY was looking exceptionally strong. Going into open, markets looked great, going on and opening the day at $560.74 and moving up to test $562 throughout the rest of the morning. Leading into lunch, though, markets did slow down and sell off, going on to make the official low of the day, trading at $557.14 and recovering BEAUTIFULLY in the afternoon. $SPY quickly rallied, continually making new highs of the day leading into close, where we made the official high of the day and high of the week trading at $564.19, and ended the week trading at $563.68, up beautifully on Friday, but relatively black throughout the entire week. $SPY moved up a total of $0.28 from open on Monday to close on Friday, meaning if you followed $SPY, you would have seen a roughly 2% drawdown, a full recovery, and ended the week essentially black, up 0.05%.
Regardless of how market momentum was last week and the opportunities that are available to us now, markets are still looking absolutely phenomenal as we are within striking range of making a new all-time high, and I am extremely interested to see where the markets take us from here. This should be an extremely exciting time for the overall markets, so let’s realize a significant amount of gains while attempting to trade today and make the most out of these conditions. It will be interesting to see if $SPY can make a new all-time high, but I am excited to see where this goes!
S&P 500 Heat Map - Last Week
Thoughts & Comments for Today - 09/03/2024
Today should be a little bit more interesting for the markets. After the long weekend, traders are excited to trade again today, but with everything that is going on in the general markets, I am smelling a little bit of fear. We are within striking range of making a NEW all-time high on $SPY; the only thing that we realistically need is one single good day. Markets hopefully continue to be favorable for us, but it is just a matter of time to see where the markets take us. Please just continue to tread extremely lightly and make sure to practice safe risk management. Many traders are going to get wiped out by overtrading or not taking on the proper amount of risks, but you know, as I do, that is simply just a part of life. Do what you can to minimize the amount of risks that you are taking, but look to take on some smart exposure, to maximize the amount of profit you are able to generate.
The one organization that is really catching my eye right now is $NVDA. I genuinely cannot tell if we are going to head back to a new low again, around $100, or if we are about to break out and make a new high in the process. We are genuinely dead smack in the middle at the time of writing this report from going in either direction, but here is the thing: no one knows where $NVDA is headed. What I can say, though, is that if $NVDA does break out, market conditions are going to become extremely favorable, and $SPY will most likely go on to make a new all-time high.
This is just my two cents when I say this, but I am optimistic that $SPY can go on to make a new all-time high soon, but as I have been saying over the previous couple of weeks, to make sure that you are simply practicing risk management, and treading lightly on these market conditions, as we can very easily sell-off. We will not see another event like a couple of weeks ago when Japan was scared and negatively impacting the markets since then, but regardless, that is just life right now. Just know that at any time, the markets will rug pull a lot of traders, and there will be NO sign of it happening in the short term; it just kinda will happen when it does. So please be extremely cautious, mostly if you are allocating aggressively into the markets.
One thing I am very excited about is starting today. I will be getting back into trading more actively. Thank you all for understanding. Over the previous couple of months, it has been an extremely busy time for me. It still is an extremely busy time, but thankfully, I have been able to open up enough time to actively trade and realize gains again with you all consistently. So, I will start making a lot of live positions with you all, so I hope you all are excited to see some extremely aggressive and consistently profitable equity trades. I’m going to stay away from options unless I am gambling, and am interested to see where the markets take me over the next couple of weeks!
Regardless of anything, though, practice safe risk management today, follow the general market momentum, and let’s do what we can to maximize our potential profits!
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, $INTC, $NVDA, $AMZN, $TSLA, $RIVN, $AIFF, $AAPL
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 09/03/2024 (ET):
Manufacturing PMI - 9:45 AM
ISM Manufacturing - 10:00 AM
Notable Earnings for 09/03/2024
Pre-Market Earnings:
Hello Group (MOMO)
After-Market Earnings:
Zscaler (ZS)
GitLab (GTLB)
Asana (ASAN)
HealthEquity (HQY)
Oregon Steel Mills (OS)
PagerDuty (PD)
Sportsman's Warehouse (SPWH)
Wrap up
Hopefully, market conditions will only continue to get significantly better in these market conditions, and we will be able to break out and go on to make a new all-time high. Conditions are going to be volatile and difficult to navigate, mostly as more economic news is released, but I genuinely am extremely excited to see where these market conditions take us. Please tread lightly and do what you can to maximize your profit potential during this time. Markets can be tough to navigate, but remain optimistic and look for opportunities to ride $SPY as we continue to get closer and closer to making a NEW all-time high!!!
Let’s see what this market has in store for us this week!
Good luck trading, and enjoy the shortened week!