HaiKhuu Daily Report 11/08/2023
Good morning, and happy Wednesday! Hope you traders are feeling amazing because these market conditions have been absolutely insane and have provided everyone with many opportunities to generate a significant amount of gains in an extremely short period of time. $SPY has been up for seven trading days in a row, and we are on what could be the eighth green day if $SPY ends up green today.
Be careful and tread lightly on these conditions, as the last time we had this string of bullish momentum, we were unfortunately met with a significant amount of bearish momentum quickly after rejecting the daily baseline resistance a couple of weeks ago.
We are coming up to the daily cloud resistance and psychological resistance. If $SPY is able to break above $440, that is a major sign of confidence in the markets as people are expecting to see continued bullish momentum in the markets, and confidence will be restored over time.
There is an extremely high likelihood that this market momentum continues, and we see a bullish TK cross-over on the daily charts, signifying what could be a continuation of a beautiful end-of-the-year rally.
This is going to be an extremely fun time for the markets, so tread lightly on these market conditions, but look to maximize your potential for profits as much as possible while there is confidence and momentum in the markets. We are still at the lower end of fear on the Fear & Greed index but expect to see a shift in general sentiment once we break out above the daily resistance.
Good luck trading today, and let’s have some fun today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $423.40
Baseline Support: $423.67
Strong Psychological Resistance: $440
Weak Psychological Support: $430
Strong Psychological Support: $420
Daily Cloud Support: $432.50
$SPY Daily Candles - In the Daily Cloud, Above Major Resistance [11/07/2023]
Thoughts & Comments from Yesterday, 11/07/2023
Yesterday was an interesting time for the markets with a mix of general sentiment and only a small movement in the overall market, but despite the movement being small, it was a significant movement as a result of what it signifies. Yesterday was the first day we have closed in the daily cloud since the middle of September, when the sell-off began, and is a sign of confidence coming back into the general markets.
We started the day off yesterday with $SPY opening black for the day, right where the markets closed on Monday, opening at $435.69. The markets quickly moved down to make the official low of the day within the first 10~ minutes of the trading day. The official low was $SPY $434.52. This was a good feeling in hindsight as there was not that much downside from opening, signaling it would be an interesting time.
After we made the official low of the day, the markets quickly picked back up and recovered all of the losses as quickly as $SPY retained its place within the daily cloud and continued to move up throughout the rest of the morning, making a relative high trading above $437. After making this relative high, we watched as the markets started to sell off slowly as volume dropped off, leading into the lunchtime lull.
The movement down was quickly bought back up as the lunchtime lull ended and volume came back into the markets, but after testing the relative high again, we watched as the markets started to sell off, going from trading above $437 to trading right above $436. The movement down was not significant, but it was just unfortunate watching it all unfold slowly in front of us.
During the back half of the afternoon, that selling was quickly bought right back up, where we went on to breakout and get back above $437. Once above this level, we chopped around there, continually testing the high of the day, but there was no significant movement afterward.
Going into powerhour, we did watch as the markets slipped a little bit to break back below $437, but as expected, we were quickly bought back up, where $SPY went on to make the official high of the day, trading at $437.58, nicely in the daily cloud, and was looking strong. But 15 minutes before the markets closed, we watched as $SPY was quickly shot down and made a relative low trading at $436.20, dropping almost $1.50 in the span of 10 minutes. Thankfully, $SPY was bought back up going into close, and we officially ended the day with $SPY trading at $436.93, up $1.24 for the day, or up approximately 0.28%, with an intraday bullish movement of +0.27%.
It was an alright day for general movement, but as I said before, the movement itself was not a significant part of yesterday. It was the fact that we were able to retain the movement and remain within the daily cloud. Let’s see if $SPY is able to maintain this momentum throughout the day today and attempt to maximize the opportunities that are available with the newfound confidence in the short term!
Heatmap - $SPY 11/07/2023
Thoughts & Comments for Today, 11/08/2023
Today should be another interesting time for the markets. I would highly recommend you be careful and cautious at this level but attempt to capitalize on the momentum and confidence in the markets. With the way that we currently sit, $SPY is either going to move up nicely and either test or break above the daily cloud resistance, or we are going to watch as the markets ultimately come down, and we watch as $SPY tests or breaks below the daily cloud. This may not happen today but expect to see a significant movement in either direction here in the near future.
I would advise the majority of people who are attempting to simply buy and hold equities right now to continue to sit on your hands. Wait until there is a confirmation of the location we are at in the markets before attempting to allocate. As we are in the daily cloud, I would wait for us to either come down to support around $430 before attempting to allocate long or wait until there is a confirmation of a breakout on the daily chart as $SPY breaks above that daily cloud.
Do not be overly optimistic or attempt to allocate extremely deeply at these levels, as this is not the time to take on a significant amount of risks. My recommendations from yesterday still remain. Look to actively scalp and trade when there is confidence to do so, but at the same time, make sure to practice safe risk management and do not do anything that ultimately will jeopardize your portfolio in the short term.
Assuming market conditions continue to be strong, watch out for organizations like $TSLA and $NVDA as they are higher beta tech organizations that ultimately will perform the best in optimal conditions like right now but will have the largest negative movement assuming market conditions weaken. These will be the organizations that will lead the general market momentum and will be the organizations to watch out for.
The one thing that I really want to continue to drive home at this point, though, is to make sure you are practicing safe risk management and to look to minimize risk and exposure where possible. If you entered into equities over the previous week and are up nicely on them, look to set a stop in guaranteed profit to limit your downside risk, and continue to make sure that you are setting stops on any position that you are entering into now, as there is a significant fall risk after the movement we have seen over the previous week.
For my positions today, I will be looking to actively trade when there are opportunities to do so, with relative confidence. Organizations like $RIVN and $RBLX had earnings, and as a result, the majority of their pre-earnings volatility has subsided and will provide us with an amazing opportunity to trade and capitalize on the aftermath and momentum. Both are organizations that I am extremely interested in trading today, and will be even more excited to see how $DIS plays out after hours. I still not going to be adding to my general long positions, nor adding to $DIS in anticipation of earnings today. Hopefully, Disney has a great time, and we are all able to capitalize on a significant bullish movement, but there is a lot of confusion with the sentiment of the organization at this point. There is approximately a $5 anticipated move on $DIS, so prepare both mentally and financially for this move because it can genuinely go either way.
If you want to watch any of my allocations, they will be posted live in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
Yesterday was an alright day for the algorithm. Nothing of major significance happened at all. Markets remained relatively neutral, with some slight bullish momentum, and that was what the results followed. $SPY outperformed the long-term portfolio, and the algorithm underperformed in comparison to the fundamental analysis. It is unfortunate that there was a slight underperformance, but everything was within line, which I would not consider a win, but I wouldn’t consider it a loss. C’est la vie, we will see what happens today with this algorithm!
The results of yesterday are as follows:
Baseline:
$SPY: +0.27%
Our Results:
Variable Sector Neutral: +0.21%
Long Term Portfolio: +0.15%
Base Algorithm: +0.05%
Sector Neutral: +0.03%
Market Neutral: -0.11%
Variable Market Neutral: -0.14%
DISCLAIMER - This is not financial advice. Utilize these trades with caution. These predictions are generated via our proprietary trading algorithm without taking into account market conditions, news, or any external biases. This is not a signal to buy or sell any equities, and we do not guarantee success. Take these at your own risk.
Algorithmic Alerts for 11/08/2023
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 , $RIVN, $RBLX, $DIS, $AAPL, $NVDA, $F, $TSLA, $GM
Position Opportunities:
Trade the market momentum
Set stops in guaranteed profit
Limit your downside risk
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $DIS / $DG / $KO
Long-Term Auto Sector - $F / $GM
Economic News for 11/08/2023
Fed Chair Powell Speaks - 9:15 AM ET
Wholesale Inventories - 10:00 AM ET
Fed’s Barr Speaks - 2:00 PM ET
Notable Earnings for 11/08/2023
Pre-Market Earnings:
Roblox (RBLX)
Fisker (FSR)
Warner Bros Discovery (WBD)
Under Armour (UAA)
Kellanova (K)
Ralph Lauren (RL)
Nexstar Media Group (NXST)
Endeavor Group (EDR)
After-Market Earnings:
Disney (DIS)
AMC Entertainment (AMC)
Twilio (TWLO)
Marathon Digital (MARA)
Affirm (AFRM)
Lyft (LYFT)
Suncor (SU)
MGM Resorts (MGM)
Take-Two Interactive (TTWO)
U-Haul (UHAL)
Wrap up
Overall, this is going to be an extremely interesting time for the markets with the placement that we have right now in the markets. I am excited to see what happens here in the daily cloud and hope that we see some continued bullish momentum that we all can capitalize on easily and that this momentum is able to sustain itself in the short term to break through to the next level of confidence. Practice safe risk management in the process, and make sure to realize some gains!
This is going to be a great time, so good luck trading today, and let’s have an amazing time in the process!