HaiKhuu Daily Report - 12/03/2024
Good morning, and happy Tuesday!!! I hope you all are ready for a fun day on the markets. Conditions are looking confusing, but traders are ready and optimistic about what the markets have in store for us! Please continue to tread lightly on these market conditions, but do what you can to maximize your profit potential. Many traders are going to be provided with some great opportunities to trade, while others are unfortunately burnt in the process. It will be interesting to see where the markets go today, as we are due for a minor pull back, but at the same time, opportunities are going to consistently be amongst us to trade and realize some gains.
Please make sure to practice safe risk management today, and watch out for crypto. We are starting to see some initial signs of weakness coming from the cryptocurrency markets, and as a result of that, we are going to see weakness trickle into the equity markets. This is not a signal to be bearish, as conditions can easily strengthen, but this is simply just a reminder to remain skeptical.
Make the most of these conditions, be smart, be safe, and have an amazing time while attempting to trade today!
Good luck trading, and let’s realize some gains!
The updated $SPY daily levels are as follows:
Conversion Line Support: $594.17
Baseline Support: $586.11
Psychological Support: $600
Daily Cloud Support: $577.96
Thoughts & Comments from Yesterday - 12/02/2024
Yesterday was an interesting and choppy time for the markets that was either extremely easy to capitalize on or extremely difficult. We did watch as $SPY continually made new all-time highs, so despite the rough conditions of yesterday, I would 100% consider yesterday a win in my books!
So, we started the day with $SPY opening at $603.02. Conditions were looking alright as $SPY was slightly above the previous close and kind of chopped around throughout the entire morning, dropping to make the official low of the day leading into the lunchtime lull trading at $602.47. Thankfully, makers did move up during the lunchtime session, and market conditions continued to remain relatively neutral after breaking out.
After the lunchtime lull, $SPY continued to chop and remain relatively neutral during an uneventful time, trading around $603.50, chopping around that level for the rest of the day.
Power hour, on the other hand was beautiful as there was bullish momentum leading into the end of the day, despite price action not reflecting that as much. We watched as $SPY rallied to make the official high of the day, and official all time high trading at $604.31.
Markets came back down slightly leading into close, where we officially ended the day with $SPY trading at $603.63, up $1 for the day, or roughly 0.2%. I would say that yesterday, despite being slightly bullish, was extremely difficult for the traders who were overly excited to trade, resulting in losses being generated across the board. Congratulations to anyone who was able to realize a significant amount of gains attempting to trade yesterday, and are excited to see where the markets go today!
S&P 500 Heat Map - 12/02/2024
Thoughts & Comments for Today - 12/03/2024
Today should be a rather interesting time for the markets. With everything sitting at the moment, I am expecting to see some difficulty navigating the short-term momentum, but I believe that long-term positions should only continue to remain favorable. The one thing that does concern me at this point is the way that cryptocurrencies are setting up.
At the moment, all of the major cryptos have come down, and we are at a place where, realistically, we can easily reverse and move up, but with the current conditions, my previous statement remains valid; where I believe that these markets are strong, but we should remain skeptically bullish, and a little bit skittish. If conditions are not great, I do not believe that anyone should attempt to take on a significant amount of risk, as the risk-reward ratio is too high, but at the same time, I will highly advise anyone who is attempting to trade to realize a significant amount of gains, extremely quickly, and not get greedy or emotional in these conditions.
If market momentum is not favorable, there is no reason to attempt to force a trade, as doing so will cause you to overtrade emotionally and realize losses.
Risk management is going to be the key to the longevity of your account. Anyone can attempt to generate gains in the markets, but if you lose 96% of your portfolio, you’ll need to generate a 2500% return to make up for the losses. This is just something to consider.
For my allocations today, I will say that I do not intend on trading as much. I did over-trade slightly yesterday when I was attempting to capitalize on $SMCI, so as a result of that, I will attempt to remain relatively more passive today. I will still manage my portfolio and do what I can to realize gains, but I do not intend on actively scalping as much today. I will still alert entries and exits throughout the day, but I personally do not intend on trading as much today.
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 12/03/2024 (ET):
Job Openings - 10:00 AM
Notable Earnings for 12/03/2024
Pre-Market Earnings:
Bank of Nova Scotia (BNS)
Core & Main (CNM)
Donaldson Company (DCI)
REX American Resources (REX)
After-Market Earnings:
Salesforce (CRM)
Okta (OKTA)
Marvell Technology Group (MRVL)
Pure Storage (PSTG)
Box (BOX)
Torrid Holdings (CURV)
Couchbase (BASE)
Descartes Systems (DSGX)
Wrap up
Hopefully, market conditions only continue to remain favorable for us and provide us with some great opportunities to trade and realize a significant amount of gains. Markets are still strong, but please make sure you are doing what you can to maximize your profit potential. This should be a great time, so let’s realize some gains and have some fun!
Good luck trading, and let’s see a new all-time high on $SPY!