Pandas Weekly Newsletter 12/17

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 saw a strong breakout last week with FOMC, marking the 7th straight green week in a row. We’re now only about 100pts off the all time highs as we enter the end of the year and typical “santa rally" at the end of the month. We’ve continued to trade the trend until it bends and that will remain the theme until the market gives us a reason not to. Our job isn’t to predict when pullbacks or bouances will happen. From here, if the market does start to pull back, usually these types of rallies come with faster dips and an expanded range. So we can be prepared for that and remain tactical as day traders.

Economic Calendar & Earnings

source: investing.com

notable earnings:

FDX 0.00%↑ MU 0.00%↑ NKE 0.00%↑

Near Term Outlook & Trade Plan

SPX 4718 targets 4738, 4750

SPX 4700 - 4718 = chop zone

SPX 4700 targets 4673

Pandas Weekly Watchlist

Our Favorite Trade Setup - TSLA over 254.13

Contract: TSLA 12/22 257.5c

Levels: 257.39, 269, 274.75

Stop: 250.90

Notes: Broke out of a trend starting back in July and an area of recent consolidation. On high watch this week for continuation to the upside over Fridays highs of 254.13. First target at 257.39 can see some resistance. Over that level it has more room to run. If it falls back under 246.70 then its back into the consolidation range and is best to wait for it to get out of that range before re-entering.

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