HaiKhuu Daily Report - 11/15/2024
Good morning, and happy Friday! I hope you all have some exciting plans for the weekend! This week has gone by extremely quickly, with great opportunities to trade and realize significant gains!
I do want to warn you all about market conditions continuing to slow down, $SPY has dropped roughly 1% from the rejection at $600, and we are inching closer and closer to my previous thesis of a minor correction. Please continue to tread lightly as we are starting to fill a small gap on the daily chart, and the next level of support is $584.03.
I believe that we are going to be presented with an amazing buy-the-dip opportunity, but it now is a matter of being able to capitalize on these conditions, realize some gains, and simply rinse and repeat. As I stated in the report yesterday, I would love to see $SPY get down to the $570-580 range before attempting to load up, but simply continue to allocate when you are confident doing so and simply just realize some gains in the process. Many traders are going to have a difficult time navigating this downside, so please make sure to practice safe risk management and protect your bottom line.
Let’s see where these market conditions take us, and have an amazing time in the process!
The updated $SPY daily levels are as follows:
Conversion Line Support: $584.03
Baseline Support: $584.03
Psychological Support: $590
Daily Cloud Support: $565.03
Thoughts & Comments from Yesterday - 11/14/2024
Yesterday was a tough day for the markets. Conditions were looking alright going into the open, but we watched as many organizations sold off and watched as $SPY slowly downtrended throughout the entire day. It was seriously a rough day to attempt to trade with the large majority of individuals realizing losses in the process, but that is just part of the beauty of the markets. There are good days, and then there are days like yesterday.
We started the day with $SPY, opening up at $597.31. Conditions weren’t looking the best, but they were not looking bad at all in any way, shape, or form. As the morning moved on, $SPY continually trended down, making new low after new low, taking many traders hostage, and starting to create slight fear in the process. Thankfully, the morning was not terrible, but I cannot say the same for the afternoon. Those conditions were rough, and did not provide us with confident signals in the process, as conditions continued to slip, and we watched as $SPY continued to make new lows.
Once volume came back into the markets after the lunchtime lull, conditions continued to get weaker and weaker, consistently making new lows in the process.
The back half of the afternoon was tough. We watched as the markets dove as Jerome Powell spoke about the economy, stating we did not need to hurry to cut rates. This resulted in us making a new low of the day and continuing the bearish momentum. We went on to make the official low of the day, trading at $592.68 before recovering slightly to end the day with $SPY trading at $593.35, down roughly $4 for the day, or 0.6%.
Hopefully, you all were able to survive the turbulence of yesterday. It was a tough time, and we watched as many traders, unfortunately, get wiped out by the momentum, but that is why I always recommend practicing safe risk management and limiting downside risk, but C’est la vie. We will see where the markets go from here and make the most of these conditions!
S&P 500 Heat Map - 11/14/2024
Thoughts & Comments for Today - 11/15/2024
Today is shaping up to be a rougher day for the markets. $SPY is testing $590 support, conditions are weakening, and traders are starting to feel some pressure. As I have been saying, I am expecting to see the markets continually drop for a little bit, but it would be nice to see a bullish reversal today, leading into the weekend. But I am not overly comfortable and overly confident that this is going to remain viable. If you are attempting to trade today, please tread lightly and practice safe risk management in these conditions, as many traders are going to have a difficult time remaining confident while market conditions are weakening.
As I have said throughout this entire week, this bearish momentum has been expected, and I hope that you all have prepared accordingly for this drop. What I will say now is that we should all start to prepare to buy the dip. I do not know which organization is going to be the best to allocate towards this dip, but all I can say at the moment is, please look to stay away from EVs & Tesla in the short term. I still am hyper bullish $RIVN in the grand scheme of things, but I am not comfortable, nor confident in the momentum in the markets at the moment, and I am not comfortable with the bearish sentiment that is coming towards EVs with this Trump presidency. With $TSLA highly overvalued at the moment, I do believe there is a good chance that people are going to attempt to purchase this “dip” only to realize that the dip keeps dipping. Once $TSLA gets back to the $220-250 range, then I would consider it a purchase again, but until that point, I would highly suggest staying away from allocating long in any EV company. Short scalps / Day trades are still valid but are going to be extremely risky with this bearish momentum.
I think that the best way to capitalize on these market conditions,. is to look to take profit on positions that are up exponentially over the previous couple of days, hold cash, and look to scalp and day trade in the short term. I am not comfortable nor confident in allocating long in these market conditions, because I personally believe that there is more downside potential in the markets, but again, it is just a matter of being able to realize gains, relax, and have an amazing time in the process.
For my allocations today, I will say, as I have said this entire week, that I intend on being more passive today, but today is going to be one of those days that I truly intend on making zero positions. I am currently riding that $SAVE gamble that I was talking about yesterday and mentally preparing to eat that loss. The previous couple of trading days have been tough for me, but thankfully, nothing of any major significance was lost. So, I personally do not anticipate trading, but I will find positions for you all consistently throughout the day!
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, $SAVE, $TSLA, $RIVN, $BA, $NVDA
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $RIVN / $BA
Economic News for 11/15/2024 (ET):
Import Price Index - 8:30 AM
Retail Sales - 8:30 AM
Notable Earnings for 11/15/2024
Pre-Market Earnings:
Alibaba Group Holding (BABA)
Spectrum Brands Holdings (SPB)
Wrap up
Hopefully, market conditions will lighten up, and $SPY will be able to recover. However, if they do not, please make sure to tread lightly and practice safe risk management. Conditions could easily get better, but they could also easily get worse. I am expecting to see many traders have a difficult time until the markets start to reverse, so please protect your bottom line, and make some smart decisions today. The goal of today is to survive, so make the most out of today, and let’s see where these conditions take us.
Good luck trading, and let’s end this week strong!!!