HaiKhuu Daily Report - 10/25/2024
Good morning, and happy Friday! Market conditions are continuing to look weaker and weaker. $SPY has remained under the daily conversion line while selling momentum is increasing. We are in the process of seeing a bearish TK cross-under form on the daily chart, displaying more and more weakness. Conditions could easily reverse and start to display strength, but until we break back above the daily conversion line, please continue to tread lightly.
Again, momentum can easily shift, and we could see strength come back into the markets as $SPY breaks back above the conversion line and shows strength as a result of either positive earnings or strong economic data. But at the same time, if we continue to display the general movement we’ve seen over the previous couple of days, things are going to get dicey.
So please continue to watch the daily support levels on $SPY if you are watching the markets. If we see a bearish TK cross-under on the daily, with $SPY breaking below the baseline support, that will be a weak confirmation of a reversal. Right now, we are picking through straws trying to justify these conditions, but watch as we either reclaim $580 and rip or reject $580 and continue to come down for ???
Regardless, make the most of today. I think we will have some great opportunities to trade, so realize some gains and have some fun!
The updated $SPY daily levels are as follows:
Conversion Line Resistance: $580.27
Baseline Support: $575.65
Psychological Support/Resistance: $580
Daily Cloud Support: $553.28
Thoughts & Comments from Yesterday - 10/24/2024
Yesterday was an insane day for the overall markets that $TSLA ultimately saved. Conditions were rough across the board, but in the same way that both $NVDA and $MSFT carried the markets on Monday and Tuesday, $TSLA saved the markets yesterday. After moving up significantly after their earnings, and having one of their best one day performances as an organization, anyone who has been holding, or has been attempting to hold $TSLA, should be pleasantly surprised. Trading was tough yesterday, but it provided us with some great opportunities!
So, we started the day with markets looking alright, testing the $580, and up nicely from the previous close. We watched as conditions remained relatively choppy, as $SPY made the official high of the day within the first candle of the day before rejecting $580 and coming down. Conditions at open were really not that good, and we watched as $SPY slowly sold off during the lunchtime lull, going on to make the official low of the day trading at $576.57. Conditions at the bottom were rough as $SPY was officially red for the day, but thankfully, after volume started to come back into the markets, conditions reversed, and we moved up.
For the entire afternoon, conditions really were not the best. We did thankfully recover all of the losses that were generated by the sell-off leading into the lunchtime session and continually chopped around into close, not really providing us with any great opportunities to trade unless you wanted to over trade or get chopped around, where we ended the day with $SPY trading at $579.24, up roughly 0.30%, while $TSLA ended the day up roughly 22%.
Regardless of what happened yesterday, congratulations on surviving another day in the markets, and congratulations to anyone and everyone who held tesla. That was a wonderful day, and hey! Let’s see where the markets take us today!
S&P 500 Heat Map - 10/24/2024
Thoughts & Comments for Today - 10/25/2024
Today should be another fun time for the overall markets. With the strength that is being displayed in the markets, conditions are looking strong, but with the short-term momentum, conditions look weak. This may sound contradicting, but if you look at the $SPY daily chart, you’ll understand completely where I am coming from. To be in a place to say that $SPY trading below $580 is an amazing time, mostly when you think about the fact that this time last year, $SPY was testing the lower end of $400 and has rallied roughly 40% in the past year. Just remember the movement up we’ve seen over the previous year, and make the most out of these conditions. This has been a wonderful time, but it does look like the party is starting to slow down.
I personally am doing what I can to start to prepare to buy this dip. Currently, at the moment, I have sold the majority of the positions that I was in, and I am still holding the positions that I have no intention of selling until they move. Outside of that, I am not really going to be allocating much into the markets at this time unless conditions randomly get significantly stronger in an extremely short period of time, where I can get cheap exposure in the markets and continue to hold it.
For the people who are attempting to capitalize on the short term momentum in the markets, I do not see a reason why you should not be scalping and day trading in these conditions. Chop is going to make it extremely difficult for you to remain extremely consistent in these conditions, but at the same time, there is no reason why the markets should not continue to provide us with opportunities to capitalize on the short-term momentum of the markets.
In other exciting news, I just started a $1M portfolio challenge. Currently, the account is only in the process of getting set up, but there is a new room in the exclusive areas of the discord specifically for this. If you are not a part of our exclusive trading community but want to get alerted when I enter into any position, please send me a DM, and I can make sure you are taken care of. But essentially, the premise of this new portfolio is just establishing a new portfolio to grow up as a “challenge.” Just know that this is not going to be one of those overnight billion-dollar accounts, but it is going to be one that shows and proves to you all what the test of time ultimately does, mostly for people who are attempting to allocate into a longer-term/forever portfolio.
For my allocations today, I do plan on continuing to allocate into the new $1M account. I plan on setting up some DCAs in that account and having that all set up for next week! Other than that, I will attempt to scalp around when given a chance, but I will be working a lot today to get some things finished up before the weekend, so no promises that I will be able to find hundreds of trades for you all 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, $TSLA, $NVDA, $RIVN, $BA, $AAPL, $AIFF
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $RIVN / $BA
Economic News for 10/25/2024 (ET):
Durable-Goods Orders - 8:30 AM
Consumer Sentiment - 10:00 AM
Notable Earnings for 10/25/2024
Pre-Market Earnings:
Colgate-Palmolive (CL)
Avantor (AVTR)
Booz Allen Hamilton (BAH)
Centene Corporation (CNC)
Newell Brands (NWL)
AutoNation (AN)
AON Plc (AON)
HCA Healthcare (HCA)
Sanofi (SNY)
Wrap up
Hopefully, market conditions will only continue to remain strong in these conditions, and we do what we can to maximize our profit potential during this time. I am expecting to see a significant amount of volatility, but regardless, It is life. Either take advantage of the opportunity or get chopped around and realize losses. Take your pick, but I feel that there is the right choice and the wrong choice. So make the most out of today, and have some fun in the process!
Good luck trading, and let’s end this week strong!!!