HaiKhuu Daily Report 9/05/2023
Good morning and happy Tuesday! Hope you traders all enjoyed your long weekend, and are excited about the short week for the markets! At the time of writing this report, $SPY is down slightly, testing the $450 weak psychological support level. This will be quite an interesting time for the overall markets as we are testing daily cloud support, so please take advantage of the momentum in the markets, but as always, make sure to protect your bottom line.
$SPY on the daily looks like there is a high likelihood of having a bullish TK crossover on the daily chart, we need some solid momentum and a movement up for this to happen, so be on the lookout as it should be a great opportunity to trade.
As always, look to follow the momentum in the markets, do not fight any trends, and look for some strong opportunities to trade on this shortened week in the markets. There will be many fun trading opportunities that are presented to us, so let’s make some bank and have some fun!
Lots of reports came out throughout the weekend, so please make sure to check them out!
(All Clickable links)
Weekly Recap 8/28-9/1
Weekly Preview 9/5-9/8
Quarterly Algorithm Review
Good luck trading this week and let’s kill it!
The updated $SPY daily levels are as follows:
Conversion Line Support: $445.59
Base Line Support: $444.34
Weak Psychological Support: $450
Strong Psychological Support: $440
Daily Cloud Support: $450.03
Thoughts & Comments from Last Week
Last week was a wild time for the overall markets. We started the week off relatively weak, with $SPY trading above the daily conversion line, but still within the cloud. We looked relatively neutral while traders were relatively confused, but showed signs of possible strength as the markets were primed to move up through the entire week.
Monday was not that eventful, to be honest, we saw a slight dip in the markets, but ended the overall day green, trading at $442.76, up ever so slightly from the open price of $442.24.
Tuesday is where we saw a significant amount of unexpected bullish confidence in the markets. $SPY started the day looking relatively neutral, opening the day trading at $442.65, not bringing in a significant amount of confidence, but then we watched as $SPY broke out, broke through the daily baseline resistance, and daily cloud resistance, making the official high of the day trading at $449.45, and ending the day above major resistance trading at $449.16. The strength of Tuesday, lead the markets to continue to remain strong for the rest of the week.
Wednesday was relatively neutral as a result of the insane bullish momentum we saw on Tuesday, where there was not much intraday bullish movement, but $SPY broke above the $450 resistance level and continued to move up as $SPY ended the day trading at $451.01.
Thursday was an alright day for the markets as there was a lot of general confusion in the markets. $SPY opened the day trading at $451.65, moved up to make the official high of the day at $452.83, and sold off into close, where we made an official low of the day trading right above $450 and ended the day trading at $450.35.
Friday started off as a generally better day for the markets as $SPY opened up trading at $453.17, showing a significant amount of confidence, and continued to move up during the early morning, making an official high of the day trading at $453.67, but was matched with a significant amount of bearish momentum throughout the entire day. We slipped heavily to make the official low of the day trading at $449.68 and recovered slightly into close, with $SPY ending the day trading at $451.19, up $0.84 for the day, or up approximately 0.2%, with an intraday bearish movement of down roughly 0.44%. It was a tough way to end the week, but it still presented us with many great opportunities to trade.
I hope that you all enjoyed the great week for the markets, as $SPY moved up approximately 2% throughout the entire week, and provided us with some amazing opportunities to trade, and even better opportunities to realize some gains. It was a lot of fun trading with you all last week, and I hope you were able to take on some extra risk in the process with us!
Let’s see what today has in store for us and have a great time in the process!
Thoughts & Comments for Today, 9/05/2023
This should be a fun day for the markets. Historically, shortened weeks for the markets are bullish, providing us with some possible confidence going into the market open, but I would not advise being overly bullish in these market conditions. As I have said before, anyone who is hyper-bullish or bearish right now will have an extremely difficult time navigating the markets with confidence. I would advise you all to remain level-headed and go into the markets looking at it on a day-to-day, and trade-by-trade basis. Expect to see a significant amount of chop in the near future making trading on an intraday basis extremely difficult to do consistently if you have conviction to a single side.
There will be days when the markets are looking strong and bullish, and there will be days in the markets where things look weak and bearish.
Just keep in mind the previously mentioned support levels, because in the case the markets start to sink, those will be the levels that you should look out for.
We are currently on the daily cloud support on $SPY, which means that realistically, we are going to either see a nice bounce up here off the daily cloud, or we are going to come down, break into the cloud, and bring confusion back into the markets. We are at the upper end of greed right now on the fear and greed index, and the markets are displaying it as such. We are on both psychological and technical support with where $SPY is at. Either we bounce up and move up with confidence as greed comes back into the markets, or, we watch as the markets break down, we break psychological support levels, and we are back in neutral and the markets are at a point of confusion not knowing if the markets are going to move up or come down.
If you are looking to trade in these market conditions, I have a couple of recommendations for you that I have brought up in the past! Just continue to watch out for the previously mentioned support and resistance levels, these levels will be key to how the markets will realistically move in the short term. If we break those support levels, the markets will be bearish, and you should simply follow the momentum. I would not attempt to fight any trends and only enter when there is a confirmation of a direction in the markets or a confirmation of a reversal. Fighting any trends right now, is an extremely risky play, and will ultimately be gambling in these conditions.
I would not advise going long in any general tech plays at the moment, as there is a significant amount of downside risk attempting to allocate into long positions right now, and I would only suggest entering into plays that in the short term, are fundamentally solid, but flawed as a result of external reasonings outside of the markets. I know I sound like a broken record continually talking about $DIS, but there is a reason why I have been watching organizations like $DIS and have been entering into them, versus attempting to allocate into organizations like $TSLA or $NVDA.
I will buy and hold $DIS at this price, with confidence, and continue to enter into that position accordingly as we are continually hitting new lows, knowing that once the position reverses, I will have an amazing average on my allocation, and can continue to scale out of the position with confidence, but at the same time, I will only look to actively day trade and scalp organizations like $TSLA and $NVDA, because they might continue to move up accordingly over the next couple of days/weeks, but have significantly more downside risk, that on the one day you hold the position too long, and the position moves against me, I will have an extremely difficult time.
The only time I would advise allocating into major tech right now is by simply watching a position and attempting to actively day trade it in the short term. This by itself, will provide me with opportunities to trade these positions with confidence, but at the same time, provide me the ability to limit my downside risk, and ability to realize gains when I am happy doing so. There is no overnight risk via active day trading and scalping, and as a result, I can sleep comfortably at night, knowing that regardless of what happens to $NVDA, I can continue to capitalize on the play with ease.
Just continue to make smart decisions in the short term, limit your downside risk, and make sure to only trade when you have confidence, not only in the markets but in your position too. These market conditions are difficult for everyone involved, and as a result, will generate a significant amount of losses and gains. Do what you can to maximize your gains, but watch out for the fall risk that is in the markets right now.
If you want to watch any of my allocations, they will be posted live in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
Last week was an interesting time for the markets, but let’s talk about last quarter. The quarter ended and we have our official results. I am happy to say that the base algorithm was able to beat the markets on an intraday basis, but I am upset knowing that we were up over 10% until the markets simply shifted and momentum slowed down, which negatively impacted our performance. On an intraday basis, it is hard to see results like this but scaled up over time, you can see a lot of the larger picture movements. Now with the quarterly report out, you can see why we have been on a tentative hold on the algorithm and are not recommending entries while we are working on active tests.
Our positions are still on hold, but we anticipate exiting this hold in the near future, so be on the lookout for that, we anticipate everything be ready and open by next week assuming our testing is completed and with confidence!
To get an in-depth analysis of our algorithms' performance last quarter, check out Asher’s Report!
The results of last quarter are as follows:
Baseline:
$SPY: +2.98%
Our Results:
Base Algorithm: +3.37%
Long Term Portfolio: +2.31%
Variable Market Neutral: +1.93%
Variable Sector Neutral: +0.06%
Market Neutral: -0.99%
Sector Neutral: -2.42%
As I said before, we are still on a tentative hold on our systems. We do not recommend you enter into any of these positions for risk management's sake and only utilize this list for a possible watchlist of allocations to take. These positions are all valid from our old testing systems, but we do not endorse these. These are presented for transparency and consistency's sake, so please be careful and limit the risk if you decide to enter into any of these positions.
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 9/05/2023
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 , $TSLA, $VRA* , $AAPL, $MSFT, $NOTE* , $NVDA
*= Speculative position
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 9/05/2023
Factory Orders - 10:00 AM ET
Notable Earnings for 9/05/2023
Pre-Market Earnings:
Americas CarMart (CRMT)
After-Market Earnings:
Zscaler (ZS)
GitLab (GTLB)
Asana (ASAN)
HealthEquity (HQY)
AeroVironment (AVAV)
Wrap up
Overall, this should be a fun short week for the markets, be on the look out for opportunities to actively trade, but please be extremely careful in the process. I don’t want you all to take on too much risk but look to take advantage of the momentum in the markets. Watch for previously mentioned support levels, and do not fight any trends. There will be many fish in the ocean this week, so be picky on the trades you want to get exposed to.
Good luck trading this week, and let’s make some bank!