Pandas Weekly Newsletter 1/21/24

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 finally got the much anticipated breakout over 4800-4818, setting and closing at new all time highs! What a road its been since the market peaked back in Jan ‘22. From here we want to see if the market can defend the all time high breakout. Very simple moving forward until we start getting into more bearish seasonality in the coming months. Levels above: 4977, 5000, 5236, 5524, 5800.

Economic Calendar & Earnings

source: investing.com

notable earnings: UAL 0.00%↑ VZ 0.00%↑ NFLX 0.00%↑ ISRG 0.00%↑ TSLA 0.00%↑ NOW 0.00%↑ LRCX 0.00%↑ AAL 0.00%↑ INTC 0.00%↑ V 0.00%↑ AXP 0.00%↑

Near Term Outlook & Trade Plan

SPX 4818 targets 4900

SPX 4800 - 4818 = chop zone

SPX 4800 targets 4754

Pandas Weekly Watchlist

Our Favorite Trade Setup - SMCI over 429

Contract: SMCI 1/26 440c

Levels: 450, 469.07, 500

Stop: 424

Notes: SMCI 0.00%↑ coming off a huge move from Friday last week and will have momentum going into this week. Over the highs we will be watching to catch a roll up on this trade considering we played it Friday. There is a fibonacci level at 469 above. Other than that we will be using psych levels at 450 and 500. Premiums will be inflated due to the increased volatility in this name.

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