HaiKhuu Daily Report - 11/12/2024
Good morning, and happy Tuesday! I hope you beautiful people are ready for another amazing day for the markets, and are ready for a great time! Market conditions are looking good as $SPY is testing the $600 resistance level, providing traders with comfort, confidence, and the ability to realize a significant amount of gains in an extremely short period of time.
Cryptocurrencies have continually ripped throughout the night, as $DOGE has rallied almost 100% in just the past couple of days. These conditions are wild, with a significant amount of volatility and opportunity. Please be careful if you are the type of trader who has an issue with FOMO because I feel that with the strength being displayed across the board, it is going to be extremely hard for many individuals as they are going to experience FOMO in the next couple of days, mostly as everything is rallying across the board.
Tread lightly and practice risk management, but make the most out of these amazing market conditions and have a great time!
Good luck trading today, and let’s see what insane movements we see today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $584.03
Baseline Support: $583.40
Psychological Resistance: $600
Daily Cloud Support: $563.53
Thoughts & Comments from Yesterday - 11/11/2024
Yesterday was a tough yet oddly beautiful day for the overall markets. $SPY broke above $600 for the first time in recorded history, and many traders capitalized on the strong conditions with ease. Many traders did get chopped around, but opportunities genuinely presented themselves throughout the entire day.
We started the day with $SPY opening at $599.88, right below $600, and we watched as $SPY went on to reject $600 before starting to come back down to reality. Markets dropped from the get-go and watched as market conditions continued to remain relatively strong until the lunchtime lull. We remained slightly above $599 but were quickly met with a significant amount of bearish momentum as volume started to come back into the markets after the lull, where $SPY went on to make the official low of the day, trading at $597. Thankfully, the markets were able to bounce from making that bottom, continually hovering around the previous close for the majority of the day, only to watch $SPY rally once again leading into close.
We officially ended the day with $SPY trading at $598.76, up $0.57 for the day, or up roughly 0.1%. I will say that it was a relatively gross day for the markets as momentum was not favorable, but at the same time, we watched as $SPY made a new all-time high and broke above $600, while at the same time, it made the highest recorded close. It was a difficult day to attempt to trade with confidence, but at the same time, opportunities were amongst us to realize a significant amount of gains. I hope you all had a wonderful time trading and realized a significant amount of gains in the process. Let’s see what the markets have in store for us today, and have some fun!
S&P 500 Heat Map - 11/11/2024
Thoughts & Comments for Today - 11/12/2024
Today should be a rather interesting time for the overall markets. With $SPY testing $600, I again am expecting to see a significant amount of chop, as well as difficulties breaking through that level, but assuming we are able to break through that level and hold, we will rally, but the question is, are we able to garner enough strength at these levels? Or are the markets going to reject $600 and sell off? We already have rejected $600 once, and are coming back up to test it right now, but at the same time, opportunities are going to be amongst us to actively trade and realize some gains.
I just want to warn all of the emotional traders here in the discord. Please be careful and do what you can to minimize both your risk as well as your emotions. I believe that the markets are going to be set up to run again, not because conditions are phenomenal, but because we are getting to a point of greed and FOMO. People who haven’t sold their positions yet most likely are not going to do so in a short period of time, while at the same time, with the significant movement up, many traders are FOMOing in and buying at these all-time highs, driving us even higher. Please be careful if you are FOMOing in at this level, as you are entering in at a premium, with the hopes that the markets continue to rally. This works out while the markets continue to rally, but once the momentum is over, then it is essentially game over. So please continue to tread lightly, practice safe risk management, and be rational with your plays.
Just as I have said before, assuming that there is a major catalyst or anything that would cause the markets to drop slightly will result in an over-reactionary selling event due to the FOMO and hype in the markets right now. I would be extremely careful if you are overallocated and have not taken profit off of the table yet. One of these days, the markets will come down, the question now is when will that happen? Just continue to tread lightly, as I would love to see a 3-5% correction on $SPY in the near future. I don’t want the markets to come all the way back down to the previous lows of this year, but a 3-5% drop would give us an amazing entry opportunity!
For my allocations today, I will say that I still anticipate being more “passive.” That has been the plan over the previous couple of days, but has resulted in between 300-500 trades over the previous couple of days. So, I am very interested to see where the markets take us, but ultimately, I have no clue if I am going to be overly aggressive and take advantage of these market conditions or simply sit back and relax while watching as market conditions continue to remain strong and optimistic.
Regardless of anything, though, please continue to practice safe risk management in these market conditions. Opportunities are amongst us; traders are having an amazing time and realizing a significant amount of gains. But, at the same time, many traders are realizing a significant amount of losses by either overtrading or being greedy. So remain smart and rational while attempting to trade, but make the most of these conditions!
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, BTC, $GRYP, $RIVN, $TSLA, $NVDA, $BA, $INTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 11/12/2024 (ET):
Optimism Index - 6:00 AM
Notable Earnings for 11/12/2024
Pre-Market Earnings:
Shopify (SHOP)
Plug Powe (PLUG)
Home Depot (HD)
Sea Limited (SE)
Talen Energy (TLN)
Hertz Global Holdings (HTZ)
On Holding AG (ONON)
Tyson Foods (TSN)
Mosaic (MOS)
After Market Earnings:
SoundHound AI (SOUN)
Marathon Digital Holdings (MARA)
CAVA Group (CAVA)
BioStem Technologies (BSEM)
Occidental Petroleum (OXY)
Spotify Technology (SPOT)
Rocket Lab USA (RKLB)
Instacart (CART)
Amdocs (DOX)
Wrap up
This should be another extremely fun time for the markets, with many great opportunities to trade and realize a significant amount of gains in an extremely short period of time. Please be careful and tread lightly at these levels, but do what you can to maximize your profit potential. I think that we are about to have a lot of fun, so let’s make the most of these conditions and realize a significant amount of gains!
Good luck trading, and let’s see Cryptos rally again!