HaiKhuu Daily Report 6/29/2023
Good morning and happy Thursday! Hope you traders are doing amazing and are enjoying what should be an interesting time for the markets! $SPY is currently trading above daily resistance, which is a bullish sign for the markets, but we need to officially close the daily candle above this conversion line for a sign of confirmation that this bullish momentum will be sustained in the short term.
This resistance is at $437.54. I personally am expecting to see a significant amount of chop around this level throughout the day until we ultimately pick a direction. Please be careful if you are attempting to scalp or trade at this time, but watch for a confirmation of a breakout, or a confirmation of a reversal at this level before attempting to play any real direction, and make sure to follow the momentum in the markets. Make some smart plays, capitalize on the opportunities available to us, and let’s realize some gains together!
Good luck trading today and let’s kill it!
Thoughts & Comments from 6/28/2023
Yesterday was a confusing day for the general markets with a significant amount of movement that was difficult to capitalize on but provided us with many phenomenal opportunities to trade. We started the day off with $SPY trading at $435.03, down from the previous close of $436.17, but showed a lot of confidence.
Right from open, we watched the ECB Forum on central banking live and watched as it progressed, the markets moved up accordingly as a response. Within the first hour of the day, we chopped around the previous close, trading around $436, until the lunchtime lull. On that lull, we watched as the markets went green for the day and held it for a little bit as the markets continued to move up. We made that high of day trading at $437.44, up from the previous close, but rejected that daily resistance level.
After the rejection, $SPY came down consistently, and we went on to test the open price and made a relative low trading right under $435. After this dip, markets remained relatively stagnant for the day until the final minutes of the day, when we saw some quick momentum in the markets. Within the final three minutes of the day, $SPY popped up 0.25% and we watched as $SPY close at $436.39 for the day, up $0.22 from the previous close, or up approximately 0.05%, with an intraday bullish movement of +0.31%.
It was a confusing day for the markets, but it provided us with many great opportunities to trade. I hope you all were able to capitalize on the opportunities available to you and realize some gains in the process of everything. It was a lot of fun trading yesterday and let’s see how this daily resistance plays out today!
Thoughts & Comments for Today, 6/29/2023
Today should be a choppy yet fun time for the markets, as I said before, we are right at daily resistance, so expect to see a lot of chop at this level, followed by either a breakout or a breakdown. Obviously, we want to see the markets continually move up, but it is just a matter of if that is going to be our reality or not. There is a significant amount of economic news that will be coming out today during the pre-market session that will ultimately seal our fate. Good luck to everyone out there as everyone obviously has different directions that they want the markets to go. It is just a matter of what is stated before we ultimately pick a direction. It will be interesting to see what happens, but at the end of the day, as long as we actively navigate the markets in an efficient fashion, we all will have a great time.
Please just continue to be safe in these market conditions as anything can realistically happen in a very short period of time. I personally am still expecting to see a significant amount of bearish momentum hit the market soon, but we are still in extreme greed, and market conditions are looking exceptionally strong. It is just a matter of time until the reversal comes, but until that happens, I will be continually watching and playing the momentum in the markets.
Scalping and day trading will be difficult today, so please be careful and wait for a confirmation of a breakout or rejection that happens here at this daily resistance prior to entering into any position. Just continue to follow the momentum in the markets and do not fight any trends. People that attempt to fight trends may get lucky, and be correct timing a quick scalp, but it will be extremely difficult being able to do that consistently today.
As always, make sure to practice safe risk management at these levels. I do love this momentum in the markets, but it is extremely difficult allocating into equities at their 52-week highs, but as long as you are entering into some solid organizations that are providing you with some great opportunities to simply buy, hold and play, you should have a phenomenal time. The two organizations I’ve been watching are $DRI and $DIS as long-term holds that with time will provide us with many opportunities to actively trade and realize some gains.
Let’s see what happens at this daily resistance, and assuming we are able to push and break out, let’s continue to enjoy this beautiful momentum in the markets!
If you want to watch any of my allocations, they will be posted live in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
Yesterday provided us with some extremely choppy trades but provided us with a significant amount of bullish momentum that could have been easily capitalized on. I am very happy to look at these results and know there is a significant amount of confidence in our systems. The fundamental analysis in our long-term portfolio was in line with $SPY, and the technical analysis that was built on the long-term portfolio outperformed both the LTP and $SPY by a sizable margin in perspective to returns. We are happy with these results and hope you all realized gains with us yesterday!
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as followed:
Baseline:
$SPY: +0.31%
Our Results:
Base Algorithm: +0.49%
Variable Market Neutral: +0.35%
Long-Term Portfolio: +0.3%
Variable Sector Neutral: +0.22%
Market Neutral: +0.11%
Sector Neutral: 0.0%
With market conditions being in a more optimal spot, look to take advantage of the opportunities that are available in these market conditions, but make sure to limit your risk while actively trading by doing your own due diligence prior to entering into any positions and setting stops in place to limit your downside risk potential. Watch out for a possible market rejection happening, because in the case the market rejects and comes down, if you have not stopped out of your position, you should look to exit things to assure you are not exposed to the downside risks.
DISCLAIMER - This is not financial advice. Utilize these trades with caution. These predictions are generated via our proprietary trading algorithm without taking into account market conditions, news, or any external biases. This is not a signal to buy or sell any equities, and we do not guarantee success. Take these at your own risk.
Algorithmic Alerts for 6/29/2023
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 , $VIX , $NVDA, $TSLA , $AAPL , $DIS, $RIVN, $BABA
Position Opportunities:
Ride the momentum in the markets
Hedge the positions you want to hold
Set stops in guaranteed profit for any position you are in profit in
Cut all positions you are not comfortable holding
Exit positions you are comfortable taking profit on
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN
Long-Term Riskier EV Play - $RIVN
Economic News for 6/29/2023
Initial jobless claims - 8:30 AM ET
GDP - 8:30 AM ET
Pending home sales - 10 AM ET
Notable Earnings for 6/29/2023
Pre-Market Earnings:
Paychex, Inc. (PAYX)
McCormick & Company, Incorporated (MKC)
MSC Industrial Direct Company, Inc. (MSM)
The Simply Good Foods Company (SMPL)
Rite Aid(RAD)
After-Market Earnings:
Nike (NKE)
SMART Global Holdings, Inc. (SGH)
Progress Software Corporation (PRGS)
Accolade, Inc. (ACCD)
Wrap up
Overall, this should be a fun time for the markets. Be careful in these market conditions and look to take advantage of the opportunities available to us in the markets right now. Things should continue to be fun assuming we are able to hold this level, but be on the lookout for the chance that market conditions do get worst in the near future. This should be a great time, so make the most out of it while you can!
Good luck trading, and let’s make some bank!