Pandas Weekly Newsletter 1/1/24

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 has slowed down into the end of the year but managed to prevent major pullbacks. Price has spent time basing just under all time highs at 4818. If price continues to base between 4719-4790 we’re set up for a break over all time highs. The weekly bars indicate a bit of “stalling” out though and a dip to 4633 would be considered healthy digestion. There is positive seasonality at work and some economic data this week so we will wait and see how the market reacts from here.

Economic Calendar & Earnings

source: investing.com

notable earnings: no notable earningsthis week

Near Term Outlook & Trade Plan

SPX 4778 targets 4793, 4818

SPX 4719 - 4778 = chop zone

SPX 4719 targets 4694, 4633

Pandas Weekly Watchlist

Our Favorite Trade Setup - TSLA under 246.58

Contract: TSLA 1/5 242.5p

Levels: 242.31, 235.23, 230.72

Stop: 249

Notes: Pretty decent rejection off of the 265 level last week and will be on high watch this week for continuation if it can break through the 246.58 level. Recently broke a trend as well. 242.31 level can come fast if 246.58 is unable to hold.

We provide live commentary, trade alerts, education, and more every day in our discord room. Watch the video below to see inside our room before you consider joining! Join anytime here: https://discord.gg/4CXuRRzwHU

---