HaiKhuu Daily Report - 09/18/2024
Good morning, and happy Wednesday! I hope you all are excited about today. The FOMC’s decision on the interest rate is happening, meaning that there will be extreme volatility, mostly leading into 2 PM EST.
Market conditions are going to be extremely difficult to navigate with confidence. Some traders are unfortunately going to get wiped out, while other traders realize a significant amount of gains in an extremely short period of time. Attempt to remain modest with your plays today. For those who watch baseball, a home run is always sexy, but in reality, it's the grounders to 1st and 2nd that win you the game. There is no need to swing for the fence and pray it works out when you can remain consistent.
Continue to protect your bottom line, mostly today, as anything can happen. We can rip through the previous all-time high and continue to rally, or we can sell off and never see these highs again until 2043; who knows? But all we can do is prepare accordingly.
Good luck trading today, and make sure to tune back into the Discord before 2 PM EST!
The updated $SPY daily levels are as follows:
Conversion Line Support: $553.01
Baseline Support: $548.77
Psychological Support: $560
Daily Cloud Support: $535.14
Thoughts & Comments from Yesterday - 09/17/2024
Yesterday was an insane day for the general markets. Trading was insane as $SPY went on and made a NEW all-time high, and provided traders with an amazing opportunity to capitalize on, and reversed, making it extremely difficult for the bulls to remain optimistic. Regardless, we made a NEW all-time high on $SPY, and that is all that matters at the end of the day!
We started yesterday by making an “unofficial” all-time high during the pre-market session and watched as $SPY opened the day trading at $565.06, the highest recorded open price, and watched as we quickly went to chopping around and making continued new all-time highs throughout the early morning. Conditions were beautiful, and traders were provided with opportunity after opportunity to realize a significant amount of gains. We went on and watched as $SPY made the official high of the day and an all-time high, trading at $566.57 before starting to come down.
After making that all-time high, market conditions quickly worsened, as $SPY started to sell off throughout the lunchtime lull and went on to make the official low of the day, trading at $560.81. We sold off heavily from the top, but thankfully, opportunities were amongst us, and we realized a significant amount of gains at the top. We were able to reposition ourselves towards the end of the day.
Markets did move up slightly leading into close, where we officially ended the day with $SPY trading at $563.07, up $0.23 for the day, or up 0.04%. Market conditions were extremely favorable for us, if I am just being honest, but they were difficult to navigate outside of the initial bullish movement. But hey, regardless, life moves on, and so do the markets! Hopefully, you all were able to realize a significant amount of gains in an extremely short period of time and navigate the choppy market conditions in the afternoon.
Today is going to be a fun day, so hopefully, we will make a new all-time high and take advantage of this momentum!
S&P 500 Heat Map - 09/17/2024
Thoughts & Comments for Today - 09/18/2024
Today as I said before, is going to be another extremely fun day for the general markets. With the FOMC’s decision on interest rates, we are going to see a significant amount of volatility, and as a result of that, many traders are going to have a difficult time capitalizing on these conditions with confidence. I don’t think that, in hindsight, today will be a difficult day to navigate, but in real-time, I think that some traders are about to get absolutely wiped in the process. It is unfortunate that I say this, but that is just life for some individuals. I would not suggest attempting to do anything that may result in a significant amount of risk but to each their own.
Just remember, on days like today, I am expecting to see a significant amount of volume and movement early in the morning, which is followed up by an inverse of the direction we were initially headed, to slow down during lunch, and to see a directional move leading into FOMC. Ideally, in the perfect case scenario, the markets move up early in the morning, we make a new all-time high, and we sell off at that high, as conditions were overbought, and traders are starting to sell, leading into bearish conditions, leading into lunch, where people are dumping their final positions before FOMC, only to watch as it moves up slowly, creating FOMO and causing the markets to pump back up leading into FOMC. During & After the event, I genuinely have zero clue on how market conditions are going to impact us, and it genuinely is going to be difficult to predict what is happening unless you have some insider information. Don’t forget, genuinely, anything can happen, and there is no clear consensus on where the markets are headed. I’ll make sure we stream Jerome Powell’s statement after the initial movement, and we will do what we can to maximize our profit potential!
It wouldn’t be the morning report either if I don’t say to practice safe risk management, so please, make sure to practice safe risk management today. Many traders are going to get absolutely slaughtered as a result of these conditions, so do what you can to minimize your risk!
For my allocations today, I will say that I do not plan on actively scalping and trading as much, but you know, when I say that, I always end up trading a significant amount and either having an amazing time or an absolutely terrible time. With the current market conditions, I honestly do not anticipate taking on a significant amount of risk throughout the day and will most likely only trade equities for personal safety. Conditions are going to be volatile and difficult to navigate, but regardless, life is great, and I am extremely excited to see where the markets take us today!
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, $BA, $TSLA, $RIVN, $NVDA, $AMD, $MSFT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA
Economic News for 09/18/2024 (ET):
Building Permits - 8:30 AM
FOMC Interest-Rate Decision - 2:00 PM
Fed Powell Speaks - 2:30 PM
Notable Earnings for 09/18/2024
Pre-Market Earnings:
General Mills (GIS)
After-Market Earnings:
Steelcase (SCS)
Sangoma Technologies (SANG)
Wrap up
Hopefully, market conditions will remain favorable today, and we will pump to a new all-time high with Jerome Powell speaking today and the FOMC’s decision on the interest rate. Regardless of anything, market conditions are going to become extremely volatile, so prepare accordingly, protect your bottom line, and take advantage of the momentum to realize some gains. I think that things are going to be extremely fun, so please continue to tread lightly, but have an amazing time in the process!
Good luck trading, and pray the Feds don’t kill the markets!