Pandas Weekly Newsletter 10/6/24

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 managed to defend a tight range last week. We saw more of a traditional chop zone once price broke the tight channel we were seeing for several sessions. Even with that break, price managed to defend 5669 key support and the prior all time high well, closing near the highs yet again. The setup here is simple, we have spent a lot of time basing and building energy for the next leg in the market. Through the highs triggers a run to 5800+ and under 5669 sells to 5614 minimum.

Economic Calendar & Earnings

source: investing.com

Notable Earnings: PEP 0.00%↑ DAL 0.00%↑ DPZ 0.00%↑ JPM 0.00%↑ WFC 0.00%↑

Near Term Outlook & Trade Plan

SPX > 5767 targets 5800

SPX 5669 - 5767 = chop zone

SPX < 5669 targets 5614

Pandas Weekly Watchlist

Our Favorite Trade Setup - MSFT under 414.29

Contract: MSFT 10/11 410p

Levels: 409.98, 404.50, 397.21

Stop: 417

Notes: Ended last week with a couple tests right at this trendline. This setup is positioned very well if the market were to dip. Once this trendline cracks, 409.98 can come next. If the trendline holds and 420.82 is reclaimed, then a bounce play for the upside can work targeting 427.82.

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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.

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