HaiKhuu Daily Report - 12/17/2024
Good morning, and happy Tuesday!!! Man, markets look confusing while we remain in this consolidation leading into tomorrow's FOMC meeting. $SPY is down slightly at the time of writing this report during the pre-market session, and we are continuing to test the daily conversion line support, which does not bode well for general retail confidence. Traders will be confused and conflicted when attempting to trade at these levels.
Please continue to tread lightly and practice safe risk management. These conditions are nice, but we are always going to advise you on safety in these conditions. Expect to see a decrease in volume leading into the FOMC meeting tomorrow, but also expect to see some volatility in the markets. There will be many opportunities presented to us to actively trade and realize some gains; now, it is just a matter of doing so and enjoying the process.
This will be a fun day for the markets, so let’s see where the markets take us and have some fun!
Good luck trading today, and let’s have some fun!
The updated $SPY daily levels are as follows:
Conversion Line Support: $605.60
Baseline Support: $596.47
Psychological Support: $600
Daily Cloud Support: $581.67
Thoughts & Comments from Yesterday - 12/16/2024
Yesterday was an interesting day for the markets. There was strong yet slow bullish momentum, and traders either had a wonderful time or fell asleep behind the wheel. There were definitely opportunities to actively trade and even better opportunities to simply ride the general market momentum and capitalize on the strength in the markets. Hopefully, you all had a great time yesterday because I know it was definitely an interesting time.
So, we started the day with $SPY opening at $606, up nicely from the previous close on Friday, and we looked extremely strong from the get-go. Within the first hour of the day, $SPY did drop, going on to make the low of the day at $605.22, looking great, before watching the markets rally beautifully from the bottom, displaying general strength leading into the afternoon as $SPY continually made new highs of the day, all the way up until power hour, where $SPY made the official high of the day trading at $607.78, looking relatively strong, but was met with some bearish momentum throughout the rest of power hour.
During power hour, conditions were not ideal at all in any way, shape, or form as the general markets only continued to drop, and we watched as the markets sold off slightly, going on to end the day with $SPY trading at $606.79, up $2.58 for the day, or up roughly 0.4%.
I will say that despite it being an amazing day for the markets, general conditions were tough to navigate. Many organizations rallied beautifully, providing us all with some great opportunities to trade and some even better opportunities to realize a significant amount of gains. Hopefully, you all were able to capitalize on the strong market conditions of yesterday and ride the momentum of many great organizations that rallied. It will be fun to see where the markets take us today, so let’s have some fun and realize some gains!
S&P 500 Heat Map - 12/16/2024
Thoughts & Comments for Today - 12/17/2024
Today should be an interesting time for the markets. As I have said before, I expect to see general volume and momentum drop slightly today due to these market conditions, and I am extremely excited to see where the markets take us from here. With FOMC’s decision on the interest rates tomorrow, I know that the markets will be highly volatile, and it will confuse many traders in the process.
If you are attempting to trade, I like the term that t I have been using recently. Remain a skittish bull. Remain bullish as these market conditions are strong, buy the dips, but make sure to have tight stops across the board and make smart allocations. In the case, you are actively trading and a position does not look good? Cut it and move on. There is no reason you should attempt to force any positions, assuming that market conditions are unfavorable, even more so if you are not confident. Remain bullish and confident in these conditions, but be ready to take your chips and move to another table if conditions are imperfect.
Please continue to practice safe risk management in these conditions. With the way that the markets are looking, conditions are relatively stronger, but at the same time, we are within a consolidation and are actively testing the daily conversion line support. There is no reason why the markets should not continue to remain strong, but we are seeing the first signs of weakness in the markets, where again, we can very easily break out, but at the same time, we really could watch as the markets sell-off, and display weakness across the board. Tread lightly, practice safe risk management, and have some fun in the process.
For my allocations today, I will say that I have a very large percentage of my portfolio currently allocated. I have little spare capital to allocate to different organizations at this price. Life has been really good to us over a previous couple of weeks, and I am very happy knowing that is the case, but at the same time, please continue to tread lightly on these conditions, as markets can very easily sell-off. I am nervous seeing the way the markets are set up at the moment, because I believe we have an extremely high fall risk. So tread lightly because I know that I will be.
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, $INTC, $AVGO, $NVDA, $BA , $DG
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $DG / $RIVN / $BA
Economic News for 12/17/2024 (ET):
Retail Sales - 8:30 AM
Home Builder Confidence Index - 10:00 AM
Notable Earnings for 12/17/2024
Pre-Market Earnings:
Amentum (AMTM)
After-Market Earnings:
HEICO Corporation (HEI)
Wrap up
Hopefully, markets will recover, and we can watch $SPY retain its strong bullish momentum. Conditions do not look great during the pre-market session, but they can shift quickly throughout the day, giving everyone significantly more confidence. Continue to tread lightly and practice safe risk management, but make the most out of these conditions, and do not be left behind.
Good luck trading, and let’s realize some gains today!!!