HaiKhuu Daily Report 8/22/2023
Good morning and happy Tuesday! Hope you all are excited for today, as markets are looking extremely strong at this moment. We’ve seen the markets come down heavily over the previous week, and this is a nice bounce from the bottom. We are coming back up to resistance, and $SPY has broken through the major psychological resistance level through the pre-market session. This is going to be an extremely interesting time for the markets that will provide us an opportunity not only to trade but to realize some gains playing the bullish momentum. I hope you all are excited, as this is going to be an interesting yet choppy day!
Please be careful and tread lightly while attempting to trade today, but look to play this bullish momentum in the markets. Not that we are at major resistance levels right here, but organizations like $TSLA and $NVDA can continue to lead the charge which will result in some significant bullish momentum in the markets.
Good luck trading today and let’s see what happens at these major resistance levels!
The updated $SPY daily levels are as followed:
Conversion Line Resistance: $442.36
Base Line Resistance: $446.23
Weak Psychological Resistance: $450
Strong Psychological Support: $440
Cloud Resistance: $441.69
Cloud Support: $427.84
Thoughts & Comments from 8/21/2023
Yesterday was a choppy yet beautiful day for the general markets. We started the day off relatively strong, with $SPY opening up green, trading at $437.53, up from the close on Friday at $436.50. Markets were looking good as we moved up right from open. $SPY reached a relative high trading right under $439. Markets were looking strong at the moment, but we were quickly followed up by watching the markets come down accordingly afterward. $SPY dropped approximately 0.77%, as there was a lot of selling going into lunch. Right around Noon EST, we made the official low of the day, with $SPY trading at $435.32.
As expected though, as the markets come down into lunch, there was a beautiful buying opportunity in the markets as we watched an amazing recovery throughout the rest of the afternoon.
$SPY quickly moved up as there was more volume coming back into the markets, providing us with an amazing opportunity to realize some gains. All the losses that were incurred in the morning were quickly recovered as there was strength in the markets, and we broke past the previous resistance where the markets were rejected early in the morning.
Power hour was a great time for the general markets too, as $SPY continued to move up during that time, with increased buying volume and momentum. We continued to move up testing $440 and officially breaking that resistance for a split second before the markets officially came down to close. The official high of the day was $SPY $440.11, and we closed the day with $SPY trading at $439.34, up $2.84 from close on Friday, or up approximately 0.65%, with an intraday bullish movement of +0.41%. It was a beautiful day for the general markets that provided us with many great opportunities to trade and realize some gains.
I hope you all had fun while attempting to trade yesterday, and were able to realize a significant amount of gains in the process. It was a great time trading yesterday, and I hope you all enjoyed the shift in market momentum!
Let’s see what today has in store for us and have a great time making some bank!
Thoughts & Comments for Today, 8/22/2023
Today is going to be an interesting time. We are looking extremely strong and are above major psychological resistance at the time of writing this report, but we are coming up to daily cloud resistance, and daily conversion line resistance. There is a lot of technical resistance at this point, signaling one of a couple of things that could happen here.
We either will see a rejection at this level, where the markets come down accordingly as a result, until we see a test of other support levels, or watch as the markets break levels and continue to come down.
We see a beautiful breakthrough in the markets, where we break above these resistance levels and continue to move up accordingly.
We see a significant amount of chop at this current level as markets are confused and indecisive on which direction we ultimately are looking to take
We sit back and watch as the markets slowly move up, respecting the cloud resistance on the daily charts as a major line of resistance, negatively impacting the momentum, but watching as the markets move up slowly until there is a decisive movement up or down
Regardless of the scenario we ultimately decide on picking, expect to see many great trading opportunities today, and expect to see a significant amount of chop that will negatively impact people’s ability to navigate the markets with confidence. Please be extremely careful in these conditions and tread lightly. There is a lot of risk involved while attempting to trade right now, and I would not do anything that would take you outside your personal comfort zone. I would advise though, to look into a little bit riskier of plays today, as the risk-reward ratio is going to be 100% worth it today.
We are either going to break out beautifully today, or unfortunately reject, and I personally do not know which direction we are going to take, but this is going to be one of the few times that I personally am interested and confident in gambling in the markets. I personally do NOT endorse blindly entering into any positions that you are not comfortable with, nor recommend gambling on the markets. But just know that I personally will be entering into some 0DTE calls today right around open with the anticipation of flipping them through the day.
I personally do anticipate trading a lot right around open, mostly surrounding those 0-DTEplays, with zero intentions of holding it throughout the day. Again, this is overly risky, and not typically my strategy, but this is one of those days that the gamble, if it works out, is looking extremely favorable.
We have broken psychological resistance, and are going to be coming up against technical resistance. Either we break out extremely hard today, or those 0-DTE calls are going to be worthless.
I again, do not recommend blindly entering into these positions, but I highly recommend considering the risk to reward opportunity and making your own judgment.
As I said before, just remember that around Noon EST, while the markets are slowing down for lunch, I personally will not be trading as much, and will be taking some time away to handle general business things, as well as studying for the SIE. Thank you all so much for understanding, and I will be sharing all of the notes that I take with everyone once they are completed!
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 our systems, but our previous statements still remain true. We are not confident in our algorithm’s ability to navigate these current market conditions and are not endorsing any positions that it is providing at this time. We are still actively testing different systems to assure that we are comfortable and confident in the current market conditions, and will not endorse these positions until we have confidence in these positions.
Once we’ve concluded our testing with positive results, we will start endorsing these positions again, but until then, we are providing these positions for consistency and transparency sake.
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as followed:
Baseline:
$SPY: +0.41%
Our Results:
Sector Neutral: +0.26%
Variable Sector Neutral: +0.06%
Long-Term Portfolio: -0.19%
Base Algorithm: -0.28%
Variable Market Neutral: -0.34%
Market Neutral: -0.45%
With our tests not being concluded yet, we are still not endorsing any of these positions and recommend you take everything with a grain of salt, but with market conditions continuing to strengthen at this time, I do believe that the majority of these positions will do well today. Please take this all with a grain of salt, and utilize this list more so as a confirmation bias & watch list for positions you may be interested in entering, than a blind signal to enter. Please if you take any of these positions, make sure you are practicing safe risk management in the process and do what you can to maximize your profit potential at this time!
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 8/22/2023
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 , $NVDA , $TSLA , $AAPL , $MSFT, $MAT , $DIS
Position Opportunities:
Follow the momentum in the markets
Exit all positions you are not comfortable holding
Watch for a breakout
Hold cash to allocate accordingly at the bottom
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $DIS
Economic News for 8/22/2023
Existing Home Sales - 10:00 AM ET
Notable Earnings for 8/22/2023
Pre-Market Earnings:
Baidu (BIDU)
Macy’s (M)
Medtronic (MDT)
Lowe’s Companies (LOW)
Canadian Solar (CSIQ)
Dick’s Sporting Goods (DKS)
BJ’s Wholesale Club (BJ)
After-Market Earnings:
Toll Brothers (TOL)
La-Z-Boy (LZB)
Urban Outfitters (URBN)
Electromed (ELMD)
FS Credit Opportunities (FSCO)
Wrap up
Overall, this should be a fun time for the markets as we test this major resistance level. Watch out for opportunities to go long, and take profit accordingly. Don’t get greedy and do what you can to maximize your profit potential while trading today. Be careful of chop and as always, practice safe risk management!
Good luck trading, and let’s see what happens today!