HaiKhuu Daily Report - 11/27/2024
Good morning, and happy Wednesday!!! Just as a reminder, this is the LAST full trading day this week, as markets are closed tomorrow for Thanksgiving, and it will be a HALF day on Friday when the markets officially close at 1 PM EST. This is going to be a difficult day to navigate for the markets, but we can always hope for the best in these market conditions.
The reason I am expecting more difficult conditions comes down to the fact that I am expecting to see choppier, lower volume, volatile movements that are going to be hard to capitalize on with both comfort and confidence. Traders can obviously always allocate throughout the day, and opportunities are going to be presented, but I am under the assumption it will be difficult to navigate today unless you are heavily experienced and understand how conditions play out.
My biggest warning for everyone, is to watch out for chop at $SPY $600, in the case that the markets remain relatively lower volume and neutral, I could see us play around $600 heavily, and chop around at that level, only providing market markets with consistent gains, chopping out traders all day long. Just go into today assuming everything is going to be lower volume, and make the most of it!
Good luck trading today, and let’s have some FUN!
The updated $SPY daily levels are as follows:
Conversion Line Support: $592.60
Baseline Support: $584.61
Psychological Support: $600
Daily Cloud Support: $576.60
Thoughts & Comments from 11/26/2024
Yesterday was a beautiful day for the overall markets despite conditions being difficult to capitalize on with confidence. Market momentum was slow but bullish throughout the entire day, where $SPY made a NEW all-time high; it was almost like we were able to predict what would happen; these scenarios have played out time and time again.
So, we started the day with $SPY opening at $598.82, up from the previous close, looking strong around open. However, it essentially just chopped around $599 for the majority of the morning, selling off ever so slightly roughly an hour after opening to make the official low of the day at $598.07 before the markets slowly picked up and trended towards $600.
General market momentum remained slow throughout the entire day, but we watched as $SPY rallied to $600 after the lunchtime lull and remained at that level, chopping around and taking traders hostage. Momentum was slow, gross, but satisfying, as leading into power hour, we were able to break out slightly and go on to make new all-time highs, where $SPY made the official high of the day and all-time high trading at $601.33.
We watched as the markets dropped back down slightly into close, where we officially ended the day with $SPY trading at $600.65, up $3 for the day, or up roughly 0.5%. Market conditions were favorable but provided us all with a great opportunity to hold some strong positions and simply ride the momentum. It was a more difficult day to trade, but thankfully, conditions get to become fun in these scenarios. We will see where the markets take us here, and have a great time!
S&P 500 Heat Map - 11/26/2024
Thoughts & Comments for Today - 11/27/2024
Today should be another interesting time for the markets. As I have said before, I am expecting to see lower volume and difficult conditions to navigate. This is not a comment on your ability to navigate the markets in these conditions, but just know that realistically, today typically goes. The days right before Thanksgiving are naturally slightly bullish but extremely difficult to capitalize on with confidence as markets will be slow and choppy, mostly as $SPY is testing $600.
My suggestion to everyone is to remain level-headed with your positions and be very cautious over the idea of “overtrading.” I know with confidence that many traders are going to have an unfortunate time trading today, not because market conditions are terrible or the fact that organizations are heavily overvalued, but it is more so due to traders attempting to capitalize on non-existent momentum while markets are chopping around, resulting in losses being generated, and slowly, but surely, emotionally over-trading. This is going to happen to a lot of traders today, so please, if you are attempting to allocate today, just know that this is not a favorable time to capitalize on these conditions. Many traders are going to get hurt, while others will print money while trading today.
For my allocations, I will say that I am not interested in trading today. This is not due to anything outside the fact that I believe that today is going to be a tough day to trade. Movements will be tough to navigate, and unless there is overly confident momentum, will be hard to allocate accordingly with confidence. I do not doubt my abilities to navigate a day like today, but I think with the number of risks that we are going to be taking on, it would be wiser to simply sit back, relax, and enjoy my day despite market conditions not being favorable.
Just please, be careful trading today. I know that the markets have a high likelihood of continuing to break out with some weak bullish momentum, but I am just nervous about people's ability to navigate the market conditions today with confidence due to the low volume in the markets and the fact that we are chopping around $600. Many traders are about to get slapped due to over-trading and bad allocations, and I want to do what I can to minimize the amount of risks that you all are taking!
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, $$DG, $RIVN, $GRYP, $TSLA, $NVDA, $BA, $AIFF
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $DG / $SHAK / $BA / $RIVN
Economic News for 11/27/2024 (ET):
Initial Jobless Claims - 8:30 AM
GDP - 8:30 AM
Retail Inventories - 8:30 AM
Wholesale Inventories - 8:30 AM
PCE - 8:30 AM
Notable Earnings for 11/27/2024
Pre-Market Earnings:
Arbe Robotics (ARBE)
CollPlant Biotechnologies (CLGN)
Wrap up
Hopefully, we watch as the markets fly by today before we take a day off. Please make sure to practice safe risk management today, and don’t do anything overly dumb that would jeopardize your portfolio. I am not expecting a lot of movement, but I am expecting to see choppy conditions that are difficult to capitalize on with confidence. Tread lightly and practice safe risk management today, and just as a final reminder, markets are CLOSED tomorrow, and we will have a HALF DAY that ends at 1 pm EST on Friday!
Good luck trading, and have a wonderful thanksgiving!!!