HaiKhuu Daily Report - 09/20/2024
Good morning, and happy Friday! I hope you traders are all feeling amazing and are ready to end this week STRONG! Market conditions are looking weak as $SPY has dropped overnight. Conditions are not the best at the moment after making a NEW all-time high, but the one thing that I’ve come to learn is that what happens now, while writing this report at 4 am, versus what happens at open, versus what happens at close, are all completely different numbers, and anything can happen by close.
I would love to see the markets continue to strengthen. If $SPY were to make a new all-time high and continue to do that for the next couple of days, that would be ideal and favorable. Regardless of the current market conditions, though, please continue to tread lightly and follow the momentum, mostly if market conditions are looking rough.
Do not fight any trends, mostly at these levels for $SPY, as we will continually move up when there is buying momentum and sell off once there is selling momentum. People will move in waves today, so we can easily capitalize on the momentum and take advantage of reactionary-based traders!
Good luck trading today, and let’s end this week STRONG!
The updated $SPY daily levels are as follows:
Conversion Line Support: $556.42
Baseline Support: $556.16
Psychological Support: $560
Daily Cloud Support: $535.14
Thoughts & Comments from Yesterday - 09/19/2024
Yesterday was an awesome day for the overall markets, but extremely tough for anyone attempting to trade them on an intraday basis. Anyone holding long positions should have had an amazing time, but the intraday choppiness, despite making a new all-time high, was deadly.
We started the day with $SPY opening at $571.04. Market conditions were strong, opening up almost $10 from the previous close, and watched as $SPY made a new all-time high and sold off to make the official low of the day within the first hour, trading at $568.08. Conditions at the bottom were not ideal in any way, shape, or form, but it provided us with an amazing opportunity to trade and load up on position before watching the markets slowly continue to move up and chop around. Going into lunch, the markets recovered all of the losses that were incurred, and we watched as $SPY continued to rally up throughout the afternoon, going on to make the official high of the day and all-time high trading at $572.88.
Conditions at the top were rather slow, but consistent as we grinded up from $568, but the instability was rather tough attempting to navigate. We watched as $SPY slowly continued to come down throughout the back half of the afternoon, going on and making the official ending of the day, trading at $570.98, up $9.58 for the day, or up 1.71%. The thing that is WILD to me is the fact that we moved up roughly $10 on $SPY overnight but ended the day slightly red from open.
I think that by itself is rather insignificant, but at the same time, is just an extremely interesting opportunity in the process. Hopefully, you all were able to capitalize on the movement in the markets yesterday, and are ready for some tougher conditions today!
S&P 500 Heat Map - 09/19/2024
Thoughts & Comments for Today - 09/20/2024
Today will be a tough day to navigate if I am just being completely honest with you. Going into the morning with the sentiment that is going on. Markets are up significantly but down during the pre-market session. Traders are all going to be optimistic about trading but are going to start to become skittish as a result of the small bearish movement we’ve seen overnight. Yes, $SPY dropped $3 overnight, and that is not an overly aggressive amount, but I believe that with the way that the markets are set at the moment, there is a high likelihood that we will sell off today. The selling will start to slow, but assuming that people remain fearful going into the open, all it takes is a couple of people to start selling, to get other people to start selling, and then we completely snowball, and then irrational selling happens. Do I want that to happen? Ideally, not in any way, shape, or form, but just understand that it can happen with relative ease, and it is a genuine scenario that you all must worry about.
As I have said before, this is not ideal, and I personally want the markets to move up accordingly, but as we all know, the markets do not care how we are feeling or how we hope it moves. It will do as it pleases and hopefully continue to retain its current placement and move up accordingly afterward. It’s a long shot, but it is something that could happen. I just believe that it is significantly more realistic to be under the assumption that markets will come down today. But regardless, that is just life and the markets. Please tread lightly and do what you can to maximize your profit potential, mostly while others are starting to become fearful, but practice risk management as many traders can and will get slaughtered if they over-trade today.
The biggest thing about today is to ensure you are not fighting the market momentum. If markets look strong like they are about to break out, go long. But I don’t think this will happen. So, if the markets continually come down, look for an opportunity to short and reverse your positions when allowed to do so at the relative bottom!
For my allocations today, I will say that I do not have any plans to actively trade today. After making a mistake yesterday in the markets and having stuff that I need to get accomplished today, I will do what I can to actively trade, but my anticipations at this point are not to actively trade. I am done trading for the week, but I will still call out opportunities for you all to trade if anything becomes present!
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, $BA, $INTC, $TSLA, $RIVN, $NVDA, $AMD
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 09/20/2024 (ET):
None Scheduled
Notable Earnings for 09/20/2024
Pre-Market Earnings:
No Earnings Scheduled
Wrap up
Hopefully, market conditions will remain strong, and we will not see any sort of bearish momentum in the short term. Realistically, though, please start to consider the market conditions and what is necessary for us to continually move up and watch out for the downside risk. We are at a high fall risk right now, so tread extremely lightly, as things can sell off quickly once they start to sell. Tread lightly, and practice safe risk management today!
Good luck trading, and let’s end this week on a high note!