Pandas Weekly Newsletter 10/13/24
Every week we review everything you need to know about the stock market for the week ahead as an active or passive trader.
Market Big Picture & Long-Term Technicals
$SPX broke out of its consolidation and upward trend resistance last week with a close right near the 5818 target we’ve had for a few weeks. As long as price continues to hold outside 5800, we are targeting 5880. A break back below with strength from sellers under 5767 would start a larger dip to the bottom of this range near 5669 over the coming week(s). Core retail sales are this week along with earnings season kicking off.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: C 0.00%↑ JNJ 0.00%↑ ASML 0.00%↑ MS 0.00%↑ TSM 0.00%↑ NFLX 0.00%↑ ISRG 0.00%↑ AXP 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5822 targets 5880
SPX 5796 - 5822 = chop zone
SPX < 5796 targets 5767
Pandas Weekly Watchlist
Our Favorite Trade Setup - MDB over 300
Contract: MDB 10/18 310c
Levels: 308.38, 321.21, 347.18
Stop: 291.90
Notes: We saw some major rotation into software names at the end of last week and will be watching for continuation into this week. This name presents a nice setup with a major level being right near 300. If this level breaks its possible we can see a quick move to 308.38 level where there is a gap that has yet to be filled.
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Want to review our performance first? Here was last weeks performance along with a link to the entire years worth of alert data.
