HaiKhuu Daily Report 8/09/2023
Good morning and happy Wednesday! Hope you traders are feeling great and are ready for this morning! $SPY is up at the time of writing this report and markets are looking relatively strong. We have bounced off the daily baseline support, but the channel that is being formed between the daily baseline support and the daily conversion line is getting tighter every day, where we are either going to see a sizable breakout or watch as the markets start to break down.
The updated $SPY daily levels are as followed:
Conversion Line Resistance: $451.72
Base Line Support: $448.25
Weak Psychological Resistance: $450
We are either going to start selling off and form a bearish TK cross under on the daily that provides us with a solid amount of general bearish momentum, or we will see that this previous week has been a bear trap and watch as the markets continue to move up with a significant amount of confidence in a very short period of time. It genuinely is going to be a toss-up of whichever side the markets ultimately move, but regardless. Prepare accordingly, follow the trends, and make some smart decisions.
Do not forget that the markets do look weak at the moment and need to come down, but there is still a lot of strength in the markets that will provide us with many opportunities to actively trade and realize some gains in the process of everything!
Good luck trading today and let’s see what the markets have in store for us!
Thoughts & Comments from 8/08/2023
Yesterday was a crazy time for the general markets. There was a significant amount of both bullish and bearish momentum in the markets that provided us with many opportunities to trade.
We opened the day down at $448.09, down from the previous close of $450.71. There was a significant amount of bearish momentum in the markets We slipped throughout the first couple of hours in the day, where we made an official low of the day going into the lunchtime lull.
$SPY made that official low of the day trading at $445.29, down over 1% from the previous close, or approximately down 0.6% from market open. As people started to come back from lunch though, we noticed as there was an uptick in volume and an opportunity to trade towards the bullish side of the markets.
In the afternoon, there was some very solid bullish momentum in the markets as things continually picked up throughout the day, providing us with many great opportunities to trade the momentum.
We continued to push into power hour and close, where the intraday bullish momentum was strong, and we made an official high of the day trading at $449.22, before coming down slightly into close.
The day ended with $SPY trading at $448.75, down approximately $2 from the previous close, or approximately 0.43%, with an intraday bullish movement of 0.16%.
Markets have been extremely choppy and difficult to navigate as we are consistently testing this baseline of support on the daily chart, but it has provided us with many opportunities to actively trade and realize some gains as a result.
Hopefully, you all were able to capitalize on the downside momentum in the markets and realize some gains riding the upwards movement in the markets.
Let’s see what craziness happens today, and make the most out of the opportunities that are available. Do not forget to ride the momentum in the markets and tread lightly on these current market conditions!
Thoughts & Comments for Today, 8/09/2023
Today should be another fun day for the markets, we have bounced off the daily support, and at the time of writing this report, we are trading above the $450 psychological resistance level on $SPY. As the channel that we are in on the markets right now is extremely narrow, I am expecting to see a significant amount of chop around these levels until we ultimately decide on which direction the markets want to go on a larger timeframe.
I will say that in the short term, markets are looking weak, and are showing signs that we can continue to move down, but at the same time, there is a significant amount of strength in the general markets, where confidence can quickly come back into the markets with an inflow of buying. Lots of organizations over the previous couple of weeks have seen outflow of shareholders which is a concerning point, but just as there has been outflow over the previous couple of weeks, people can easily come back into the markets like a flick of a switch.
The best thing you can continue to do at this point is tread lightly on these market conditions and do not be overly bullish, or bearish. If there is an organization you are a fan of that you believe is undervalued at the moment, utilize the opportunity that is available to you in the markets right now to invest in a great organization at an amazing price, and the same goes for the inverse. If you believe that an organization is highly overvalued right now, look to continually short the organization in anticipation that the markets come down.
As long as you remain fluid in these current market conditions and look to capitalize on the opportunities that are available to us in these market conditions, you will be solid.
Do not be hard-struck on any direction that you “want” the markets to go, but be rational and understand that these conditions are very difficult to navigate right now, and will continue to provide us with opportunities to trade, and opportunities to get burnt assuming you are too stubborn with your allocations.
Just continue to be fluid with your positions and make sure that you are practicing safe risk management at every step that you can take. This matters the most in these market conditions because everything is heavily overpriced right now and if you are allocating too heavily into some risky overpriced tech play, you unfortunately will be the first on the chopping block. So just make some smart plays and limit your downside risk potential while increasing the possibility to realize some gains in these market conditions.
I personally will be looking to continually day trade and scalp these opportunities but will be taking trades less frequently right now as a result of this increased chop and volatility in the markets, resulting in less personal confidence in consistency in the markets. I already have a solid list of organizations I am holding right now and will be looking for more opportunities to allocate into some solid positions at this time.
If you want to watch any of my allocations, they will be posted live in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
Yesterday was a tough day for the algorithm. We are looking into the reasoning why these results are so skewed in comparison to the long-term portfolio right now, but believe a lot of it comes as a result of testing a new system and overfitting our results. As a note from Asher, please be cautious when taking any of these positions to make sure you are limiting your risk in any way that you can.
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as followed:
Baseline:
$SPY: +0.16%
Our Results:
Long Term Portfolio: -0.02%
Variable Sector Neutral: -0.22%
Sector Neutral: -0.28%
Market Neutral: -0.46%
Variable Market Neutral: -0.56%
Base Algorithm: -0.57%
As a result of our previous concerns, we do not recommend you take any of these positions today. These are all valid from a technical analysis standpoint from our algorithm, but we are advising significant caution when looking to take on any of these positions and want to make sure that you all are safe during this time. If you do take on any allocations today, make sure you are doing so at your own risk, and that you are praciticing safe risk management in the process of everything. Limit your downside risk by setting stops as soon as possible, and make sure that you are increasing those stops to be in guarenteed profits to have a risk free play. Again, please be cautious with these allocations today.
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 8/09/2023
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 , $DIS, $RIVN, $TSLA, $MSFT, $AAPL, $MSFT, $NVDA, $RBLX
Position Opportunities:
Ride the momentum in the markets
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 Investment - $DIS
Economic News for 8/09/2023
No Economic News Scheduled
Notable Earnings for 8/09/2023
Pre-Market Earnings:
Roblox Corp. (RBLX)
Sony Group (SONY)
PENN Entertainment (PENN)
Nuvei Corp (NVEI)
Brink's Company (BCO)
Jack in the Box (JACK)
Wendy's International (WEN)
Valvoline Inc. (VVV)
After-Market Earnings:
Walt Disney Co. (DIS)
Plug Power (PLUG)
Trade Desk (TTD)
Wynn Resorts (WYNN)
Ginkgo Bioworks Holdings (DNA)
Sonos (SONO)
Ilumina Inc (ILMN)
Blue Bird Corp. (BLBD)
Wrap up
Overall, This should be a fun time for the markets. Make sure to practice the highest level of risk management at this time and do what you can to limit your downside risk. Be fluid with your allocations and make sure that you understand that these are going to be some extremely choppy times for the markets. Make the most out of the opportunities that are available to us and do not take on too much risk. Tread lightly on these market conditions but do what you can do to maximize your profits.
Good luck trading, and let’s see what today has in store for us!