HaiKhuu Daily Report - 12/02/2024
Good morning, and happy Monday! I hope you traders all feel rested, relaxed, and recovered after the confusing time of last week. I don’t know why they don’t close the markets on Black Friday versus opening it for a brief moment of time, but I guess the answer is self-explanatory as $SPY and the general markets made a NEW all-time high yesterday, so welp. Is what it is! This is going to be a fun week for the overall markets as traders are coming back into the markets ready and excited to allocate!
We do have some major news to look out for this week, including:
Monday: Manufacturing PMI
Tuesday: Job Openings
Wednesday: ADP Employment / Services PMI
Thursday: Dollar Tree/ Ulta/ Luluemon Earnings
Friday: Employment Data / Goolsbee speaking
There is obviously significantly more economic data, and you can prepare for everything by checking out our WEEKLY PREVIEW!
Good luck trading this week, and let’s have some fun!
The updated $SPY daily levels are as follows:
Conversion Line Support: $593.69
Baseline Support: $585.62
Psychological Support: $600
Daily Cloud Support: $576.87
Thoughts & Comments from Last Week
Last week was a short but sweet week, with slow and choppy movements but beautiful bullish momentum. We watched as $SPY made an all-time high despite the week only being 3.5 trading days. It was an amazing week for anyone who was simply bullish and held strong positions, and the conditions were absolutely beautiful for the bulls across the board!
We started the week with $SPY trading at $599.49, and conditions really were not the best to start the week off as $SPY did instantly sell off on Monday and remained extremely gross throughout the day despite showing significant potential, leading into Tuesday. Tuesday started weak as a result of after-hours tariff news that resulted in market conditions rallying beautifully, and we watched as $ the SPY broke above $600 and continued to chop and rally around that level.
Conditions on Tuesday remained strong but quickly worsened as on Wednesday, $SPY sold off back below that $600 level and made relatively low trading at $597, but thankfully, not much mattered as markets were closed for Thanksgiving and rallied again on Friday.
Friday, despite being a half day for the markets, was a beautifully bullish time that provided everyone with the ability to realize a significant amount of gains in an extremely short period of time, literally and metaphorically. Despite markets closing at 1 pm EST, $SPY continued to make new all-time highs, going on to make the official all-time high trading at $603.35 before coming down and officially ending the week at $602.55. We ended the week with $SPY up $3, or up roughly 0.5%. It was a beautiful time for the markets that provided us with some amazing opportunities to realize gains with both comfort and confidence. So, graduations to anyone who was able to sit back and enjoy a significant amount of gains with us last week, and let’s see what the markets have in store for us this week!
S&P 500 Heat Map - Last Week
Thoughts & Comments for Today - 12/02/2024
Today should be a fun time for the overall markets. Traders are remaining optimistic in these conditions, but there is seriously not much that people should be concerned about. Yes, there is downside risk in the markets at the moment as we’ve had some extremely strong market conditions, but I would not be skeptical, nor would I advise anyone to be overly bearish. We might see some slightly bearish market conditions, but with the strength in retail being displayed in Crypto, it would be difficult to confidently fight the trend. With $XRP rallying over 500% from our initial alert, this is not the time to attempt to fight the trend.
I do want to take a little bit of time out of our morning to talk about cryptocurrencies at this point. If you are attempting to allocate into the crypto market, please be careful of emotional over trading and FOMO. Crypto is an extremely volatile asset class that has extremely large swings in both directions. People who are attempting to allocate now, versus back a month ago, have already missed out on the initial large movement and are attempting to get in now to miss the train, and in my opinion, that is a double-edged sword. It is hard not to be bullish on crypto, but it is hard to purchase at these prices with certain confidence.
If you are attempting to purchase crypto, bullish sentiment is not a bad thing but is hard to follow with confidence. If anything, look to invest in organizations that have not moved up significantly yet, that show signals of strength, and would obviously benefit from bullish crypto sentiment.
For my allocations today, I intend to be more passive with personal allocations, but I will consistently watch these market conditions. I am in many positions right now that I am holding with confidence, but I believe that we are at an extreme fall risk in the markets. I will continue to hold my positions and capitalize on the bullish momentum that is provided in these strong conditions, but I am not overly ambitious to take on a significant amount of risk at the moment, mostly as market conditions are, at least in my opinion, highly overvalued.
Just continue to practice safe risk management if you are attempting to allocate into these market conditions, and do what you can do to maximize your profit potential. There are going to be great opportunities to actively trade, not only today but throughout the entire week, so do not force any allocations when you are not confident doing so, but at the same time, do what you can to maximize your profit potential. This should be a fun week, so let’s make the most of it!
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 12/02/2024 (ET):
Manufacturing PMI - 9:45 AM
ISM Manufacturing - 10:00 AM
Construction Spending - 10:00 AM
Notable Earnings for 12/02/2024
Pre-Market Earnings:
NONE SCHEDULED
After-Market Earnings:
Zscaler (ZS)
Credo Technology Group (CRDO)
Wrap up
Hopefully, market conditions only continue to remain favorable as crypto continues to rally. I think that traders are going to have an amazing time capitalizing on this week as opportunities are going to be presented to us. So please continue to practice safe risk management and do what you can to maximize your profit potential. Many traders are going to have a lot of fun, so let’s realize some gains together and have an amazing time!
Good luck trading, and let’s see where the markets take us this week!