HaiKhuu Daily Report - 09/25/2024
Good morning, and happy Wednesday! This week has been flying by at this point, and I hope you are ready to see some volatility in the markets. Now that the slow days are behind us. Conditions are still in a general state of confusion, but I will say that we are now at least starting to display signs of general confidence as markets pick up both volume and momentum. I am not saying that these conditions are going to be easier to navigate; all I will say is that they will at least be less difficult to capitalize on.
Please continue to tread lightly but remain optimistic. Conditions at the moment are not the best, but we are setting up for what could be a beautiful run in the general markets. Conditions are looking strong, traders are optimistic, and I am extremely excited to attempt to trade today!
Let’s see what happens as $SPY is within striking range of making a NEW all-time high!
So, good luck trading today, and let’s see that NEW all-time high!!!
The updated $SPY daily levels are as follows:
Conversion Line Support: $562.81
Baseline Support: $556.16
Psychological Support: $570
Daily Cloud Support: $537.71
Thoughts & Comments from Yesterday - 09/24/2024
Yesterday was a tough day for the overall markets. Depending on when you attempted to trade, you either got burnt, made a significant amount of realized gains, or watched as the markets continually chopped around, playing with your heartstrings. Either way, opportunities were presented to us, and our community generated some wonderful trades during that time!
We started the day with market conditions not looking the worst, opening at $570.55, up slightly from the previous close and opening above the $570 support level. However, we watched as $SPY continually sold off after the open, going on to make the official low of the day with $SPY trading at $567.60 and displaying general weakness towards the bottom.
Conditions were rough, mostly after selling off significantly, but the markets quickly reversed, allowing us an amazing opportunity to catch a wonderful rally into the afternoon, only to watch as $SPY chopped around after testing $571 and remained in an extremely tight range until market close. I wish there were more to be said, but there’s not much to say when $SPY remains within a $0.50 range for four hours.
We watched as the markets popped up into close, going on to make the official high of the day in the final candle, trading at $571.36, before closing the day trading at $571.30, up $1.63 for the day, or up 0.3%. As I said before, it depends on when you attempted to trade and the direction you picked. Shorting at open was an amazing play, and going long at the bottom was even better, but outside of that, conditions in the afternoon were terrible when attempting to trade.
Hopefully, you all were able to get into some of the alerts and signals we posted yesterday. I know we entered into $NVDA before it’s $4 run from the bottom, so congratulations to anyone and everyone who got into that play with us! Let’s see what the markets have for us today, and have a great time!
S&P 500 Heat Map - 09/24/2024
Thoughts & Comments for Today - 09/25/2024
Today is setting up to be a better day for the overall markets, but despite being optimistic about these conditions, I would ensure everyone treads extremely lightly. As I said before, market conditions are getting stronger, and traders are getting optimistic, but just because market conditions are stronger and people are more optimistic does not mean the markets will continually move up. Tread lightly and prepare for what these conditions have in store for us.
In an ideal situation, we will only continue to move up, with zero downside risk, but with the way that the markets are trending at the moment, we have been in an extremely tight consolidation for the previous two days, meaning that once momentum starts to pick up and we stop chopping around, we are either about to see a significant movement up in the general markets, or we are about to watch as the markets unfortunately drop, and watch as people panic and we sell off again. Regardless of where the markets take us, I know we are about to have an amazing time. Be fluid with the direction you are attempting to trade, and do what you can to maximize your profit potential.
As I said before, $SPY is extremely close to making that all-time high, and I personally am extremely excited to see it, but at the same time, I do have to warn you that we are at an extreme fall risk right now. There is a small chance that the markets sell-off and I would not bet on it, but in the case conditions quickly worsen, I am expecting to see a significant amount of weakness form extremely quickly as many equities are heavily overpriced at the moment versus prior where they were overpriced AND hyped, at this point, they are simply just overpriced. So be careful and tread lightly.
If you are attempting to allocate into the markets today, my advice would be to, again, stay away from options as conditions are too choppy to comfortably purchase with the confidence that the position will go up. Look to actively day trade and scalp trade shares because, if I am just being honest, it is extremely hard to wipe out trading shares unless you are purchasing the wrong position at the wrong time, with an inappropriate amount of risk. So, just my two cents to consider in these conditions!
For my allocations today, I do plan on actively trading, but I only want to trade when I have the confidence to do so. Many traders will get wiped out today by over-trading or forcing themselves into a play that they are not comfortable with. After getting the degeneracy out of my system, I have zero anticipation of attempting to make the same moves I’ve made over the previous couple of weeks. I will stick to what I am good at and trade equities throughout the day. I'm looking more for day trades than active couple-second scalp plays. So be on the lookout for another great play, as the $NVDA alert killed it yesterday!
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, $NVDA, $V, $AIFF
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA
Economic News for 09/25/2024 (ET):
New Home Sales - 10:00 AM
Notable Earnings for 09/25/2024
Pre-Market Earnings:
Cintas Corporation (CTAS)
After-Market Earnings:
Micron Technology (MU)
Concentrix Corp (CNXC)
H.B. Fuller Company (FUL)
Jefferies Financial Group (JEF)
Worthington Steel (WS)
Wrap up
Hopefully, markets only continue to rally up here in the short term, and the choppy market conditions will be over. I do not want to be overly optimistic, but just remember that again, we are within striking range of making a NEW all-time high on $SPY. If conditions remain optimal, please take advantage when given an opportunity to do so, and in the case markets are not looking strong or are looking choppy, this is, again, not a bad time to sit on your hands and make some smart decisions! Regardless, let’s see where the markets take us, and have a great time!
Good luck trading, and let’s see if $SPY can reach that all-time high!!!