Pandas Weekly Newsletter 1/7/24

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 kicked off the year with over a 1% pullback. The first real dip the markets seen in over 8 weeks. There is not much support until 4633-4600. The market has attempted to hold 4700 with brief dips below all week with a close 3pts below. If price can avoid a pullback into 4633, it can create a strong bounce back to 4800. Sentiment has quickly shifted and the timing of this could set up a bigger trap near 4800 on the 2nd attempt. As always though, we will react to price and take it one day at a time.

CPI comes Thursday followed by bank earnings on Friday.

Economic Calendar & Earnings

source: investing.com

notable earnings: JPM 0.00%↑ UNH 0.00%↑ DAL 0.00%↑

Near Term Outlook & Trade Plan

SPX 4719 targets 4754, 4793

SPX 4683 - 4719 = chop zone

SPX 4683 targets 4633

Pandas Weekly Watchlist

Our Favorite Trade Setup - HD over 343.83

Contract: HD 1/12 345c

Levels: 347.25, 350, 354.92

Stop: 341

Notes: HD 0.00%↑ Closed just under and important level last week at 343.61. It had a pretty nice rally since October and has recently pulled back for a healthy dip and is now looking better set up for another move higher over Fridays high of 343.83.

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

---