HaiKhuu Daily Report - 09/24/2024
Good morning, and happy Tuesday! I hope you are ready for another day of confusion! Markets are up slightly at the time of writing this report, but I hope you all are ready for another tough day for the markets. I think that traders should be provided with opportunities to scalp today, but tread extremely lightly, as I do believe that many traders will have an extremely difficult time in these conditions. Continue to tread lightly and practice safe risk management in this weird consolidation phase. We are about to break out and make a NEW all-time high, Sell off once again, or continue to chop in this extremely tight consolidation range until we pick a direction. This sounds easy to say: markets go up, down, or sideways. But this is one of those times where there is more significance, mostly after the extremely tight range we saw yesterday.
Follow the general market momentum and do what you can to maximize your profit potential, but be extremely careful and cautious. Practice safe risk management and make the most of these conditions.
This will be another fun day, so…
Good luck trading today, and let’s see what the markets have in store for us!
The updated $SPY daily levels are as follows:
Conversion Line Support: $556.42
Baseline Support: $556.16
Psychological Support: $560
Daily Cloud Support: $537.71
Thoughts & Comments from Yesterday - 09/23/2024
Yesterday was a beautiful yet absolutely terrible day to trade. Market conditions were choppy, and it was extremely easy for traders to realize gains and extremely easy to realize losses. Days like yesterday are perfect examples of why we always recommend caution when trading. As long as you are able to consistently realize gains, which many of our community members were able to do, we all can enjoy a wonderful day together.
We started the day with $SPY opening at $569.39. Conditions were looking good as $SPY was above the previous close on Friday, but conditions were not extremely optimistic. We could move up slightly, but we remained in an extremely tight and choppy range. It provided us with opportunities to scalp, but there were no great trades (Outside of Tesla). Conditions continued to remain extremely choppy throughout the day, going on to make the official high of the day trading at $570.33 during the lunchtime lull before the markets started to sell off again as volume came back into the markets, going on to make the official low of the day within the hour, trading at $568.10.
Thankfully, the markets recovered slowly, leading into close, continually chopping around and not providing us with any great opportunities to realize a significant amount of gains with both comfort and confidence.
We ended the day with $SPY trading at $569.67, up $1.40 for the day or approximately 0.25%. It was honestly a fun day to attempt to trade, but we watched as the markets remained in an extremely condensed and consolidated range, with no great opportunities to trade or realize gains. We remained within a range of +/-$1 for the longest time yesterday, but that is just life. After a nice consolidation phase where people are confused, we will see large movements. Who knows what happens today? Are we seeing a NEW all-time high? Or are we about to watch the markets sell-off?
Regardless of what happens now, I am genuinely extremely excited to see where the markets take us and to do what we can to make the most of today.
S&P 500 Heat Map - 09/23/2024
Thoughts & Comments for Today - 09/24/2024
Today will be a tough day to write about during the pre-market session. There is no major news coming out during the pre-market session, and we have consumer confidence coming out at 10 am EST. Assuming that the confidence numbers are in line with expectations, we should not see any sort of major impact in the markets as a result of this. The biggest thing that I am concerned about is the idea that we might continue to remain within this consolidation phase where the markets continually chop around, and people slowly get sliced. If this happens, it is not ideal, nor is it something I want to consider realistically during this time. It may happen, but this is why we tread extremely lightly.
If the markets continue to remain within this general consolidation, I would be extremely reserved and not attempt to overtrade when momentum is not favorable. In this case, we do pick a direction, so make sure that you are simply following the momentum and remaining fluid when everything occurs. There is no reason why we should not be able to capitalize on these conditions, but remaining fluid with your direction is key. Markets are looking strong during the pre-market session. I would say that the markets are prone to continually move up here in the short term, but what happens now versus when people are starting to step away from their PCs for lunch and low volume impacts the markets? Interactions at that point will be different, and there may be a shift in either direction or momentum. So do what you can to realize gains consistently today and make the most out of the opportunities presented to us.
Two organizations that you should keep your eyes on right now are $BA and $INTC. $BA’s strike news should be coming up to a wrap over the next couple of trading days, and as a result of that, we should start to see some volatility and volume come back into the organization. This will be fun for all of the investors. The same thing goes for $INTC. There is a lot of news and rumors about their current operations spreading at the moment. There is an extremely high likelihood that they continually grind up here in the short term. I will personally be actively watching both of those organizations and will be doing what I can to make the most out of my positions!
For my allocations today, this is one of those few days that I will not be anticipating trading. I have a lot that needs to get done, and my main focus today will be primarily on that. My apologies, but I am sure you all understand the predicament I am in. I may trade around getting my work done, but I make no promises in any way, shape, or form that I will make any allocations.
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, $MU, $AIFF
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA
Economic News for 09/24/2024 (ET):
Consumer Confidence - 10:00 AM
Notable Earnings for 09/24/2024
Pre-Market Earnings:
AutoZone (AZO)
THOR Industries (THO)
After-Market Earnings:
KB Home (KBH)
Progress Software Corp (PRGS)
Stitch Fix (SFIX)
Wrap up
Hopefully, we will be able to see a directional move in the markets that we can all capitalize on with both comfort and confidence. It would suck if we have another day of consolidation, regardless of what occurs. It is life, and we will do what we can to maximize the potential that is provided to us. We will make the most of today and attempt to realize as many gains as possible! As always, please be cautious and protect your bottom line, but make the most of these conditions!
Good luck trading, and let’s make the most out of today!!!