HaiKhuu Daily Report 8/24/2023
Good morning and happy Thursday! Hope you traders are feeling good, and the weather is not too hot around you! This is going to be an amazing and very interesting day for the markets, so I hope you all are prepared. $NVDA is currently trading north of $510 at the time of writing this report, bringing a significant amount of bullish momentum into the markets and providing us with a beautiful opportunity to trade and realize some gains.
We have broken out of the daily cloud as a result of the movement we’ve seen on $NVDA, and are seeing some very consistent strength in the markets.
Please tread lightly while attempting to trade, but look to capitalize on the opportunities that are available to us. We all should be able to realize a significant amount of gains while attempting to trade today, so have some fun, make some good plays, and ride this momentum and strength in the markets!
Good luck trading and let’s make some bank!
The updated $SPY daily levels are as followed:
Conversion Line Support: $440.56
Base Line Resistance: $444.23
Weak Psychological Resistance: $450
Strong Psychological Support: $440
Daily Cloud Support: $445.16
Thoughts & Comments from 8/23/2023
Yesterday was a beautiful day for the general markets. The afterhours movement was amazing, but we cannot discount how beautiful the market movement was yesterday. $SPY started the day trading slightly green, trading at $439.15 at open, up slightly from the previous close of $438.15. From the get go, we started to move up, where the only red movement we saw all day, was $SPY dropping approximately $0.03 from open, to take the low of the day trading at $439.12.
After that slight dip, it was game over. You could have pretty much bought anytime throughout the entire day, and as long as you held, you would have been profitable.
$SPY continued to move up throughout the entire day, quickly breaking above $440 within the first hour, and showing a significant amount of strength. The markets continued to move up accordingly and push until the lunchtime lull, where there was slight buying, but not much movement as $SPY hovered around $442.
After lunch though, we started to see more buying momentum come back into the markets, as $SPY moved up, and made the official high of the day trading at $443.66.
The markets did come down slightly into close, where there was not as much strength or momentum. We dropped to make a relative low trading around $442.50 going into powerhour, move up slightly for power hour, and came down into close.
We ended the day with $SPY trading at $443.03, up $4.88 for the day, or approximately 1.11%, with an intraday positive bullish movement of +0.82%.
It was a beautiful day for the markets with many opportunities to trade and realize some gains! I hope you all were able to realize some gains and have a great time while trading.
The fun though, happened during the after-hours session. We watched $NVDA have some beautiful earnings, and go absolutely insane in the process. $NVDA pumped up on earnings, and continued to move out having a double beat on both revenue and EPS. It moved up to make a new all time high, trading at a stagering $520 before ultimately coming down. At the time of writing this report, $NVDA is up approximately 7.5%, trading right above $505. and is absolutely beautiful.
I hope you all were able to capitalize on this movement, and have a great time as that has solidified a significant amount of strength in the equity markets.
Let’s see what today has in store for us and have a great time in the process!
Thoughts & Comments for Today, 8/24/2023
Today should be a fun time for the general markets. $SPY is looking extremely strong while writing this report and we are going to be presented with many many opportunities to trade.
But with this said, there is going to be a significant amount of risks involved as the markets have already moved up a significant amount as a result.
We have bounced nicely off the bottom, and have continued to move up, mostly with some solid momentum as a result of $NVDA earnings. With this said, we have smashed cloud resistance, and are opening the day, most likely above, which is a confirmation of a bounce, but we are still at major resistance, which will make things difficult from a technical analysis standpoint.
If I had to guess what will happen today, I would be more bullish than bearish, but be prepared for a significant amount of chop in the process. Be fluid with your position as $SPY can reverse as easily from the top.
We are at the $SPY daily base line resistance, which is going to be an extremely difficult level to break and hold above for the majority of the day, but once there is that break through, and we continue to move up, that will be a clear indication that the markets are going to continue to move up.
The level you have to keep in mind, is $SPY $446.23. If we break above this level, there will be continued chop, but bullish momentum and confidence in the markets. I would not recommend you attempt to actively allocate too heavily into the markets blindly, but to follow the momentum and trade where possible.
It will be extremely difficult to break this level, but if broken, it will be a beautiful ride back up, heading towards the 52-week high.
In the case the markets reject this level though, we will see a significant amount of selling as $SPY will continue to sell off all of the previous gains that were incurred.
As I have been saying, I would not be overly bullish or bearish, but look to actively trade the momentum in the markets when you are given an opportunity to do so!
A lot of people will be confused, and more people will have a difficult time attempting to trade right now, but if you are able to follow the momentum in the markets, you should be able to realize gains, with relative ease as a result of this. Just continue to be smart in the process of everything, and be fluid with your positions. Do not attempt to fight any trends, and look to realize gains when you are happy with your position.
The best way to navigate the markets in these current conditions is by actively day trading and scalping, as you will not have much risk while trading, as exposure right now is extremely expensive, and you will be able to capitalize on the majority of the movement, with ease, regardless of the direction in the markets.
Myself personally, I do not know how much I will attempt to trade today as a result of this general market momentum, but assuming that we are able to find some solid positions in the markets, we will be able to get some consistent gains. If anything, I will look for an opportunity to scalp to the upside, and play accordingly until we see a shift in the general market momentum.
Please just be smart while attempting to trade today, realize gains, and do not get greedy. A lot of people will make a significant amount of gains trading today, and more will have a difficult time over the next couple of days. So let’s have some fun and realize some gains today!
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 algorithms, as I have been saying, we are not endorsing any of these positions right now as we are not satisifed with the algorithm’s ability to navigate these market conditions and do not want to endorse anything that we are not 100% confident in. Please be careful and just understand that we are only providing these positions right now for consistency sake and transparancy with these allocations. Do not blindly take any of these positions, mostly right now and we will let you know once we have concluded our tests!
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as followed:
Baseline:
$SPY: +0.82%
Our Results:
Long Term Portfolio: -0.14%
Base Algorithm: -0.24%
Variable Market Neutral: -0.4%
Sector Neutral: -0.43%
Variable Sector Neutral: -0.45%
Market Neutral: -0.48%
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
Utilize this list more so as a watch list & confirmation bias for positions you may be interested in entering, than a blind signal to enter. 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 8/24/2023
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, $DLTR, $MSFT, $TSLA, $ULTA, $AMD
Position Opportunities:
Follow the momentum in the markets
Exit all positions you are not comfortable holding
Watch for a breakdown
Hold cash to allocate accordingly at the bottom
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $DIS
Economic News for 8/24/2023
Initial Jobless Claims - 8:30 AM ET
Durable Goods Orders - 8:30 AM ET
Fed Officials Interviews from Jackson Hole - 10:00 AM ET
Notable Earnings for 8/24/2023
Pre-Market Earnings:
Burlington Stores (BURL)
Dollar Tree (DLTR)
TD Bank Group (TD)
Futu Holdings (FUTU)
Royal Bank of Canada (RY)
Petco Health and Wellness (WOOF)
Build-A-Bear Workshop (BBW)
After-Market Earnings:
Marvell Technology Group (MRVL)
Affirm Holdings (AFRM)
ULTA Beauty (ULTA)
Intuit Inc. (INTU)
Workday (WDAY)
Gap, Inc. (GPS)
Nordstrom, Inc. (JWN)
Wrap up
Overall, this is going to be a great day for the markets that ultimately will be very confusing in the process. Please be smart and practice safe risk management, but look to take advantage of the market momentum so you are able to realize a significant amount of gains in the process with relative ease. Be smart, be safe, but realize some gains!
Good luck trading today, and let’s make some bank!