Pandas Weekly Newsletter 2/25/24
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 15 out of 17 green weeks. The impressive bull run continued last week with a blow out earnings report from NVDA 0.00%↑ . We got some expected chop leading into their report but once it was out, we saw confidence come back swiftly leading the market to close up near the highs.
The trend is your friend. Trade the trend, until it bends.
We continue to simply follow price as always. The market will digest and see pullbacks but our job as day traders isn’t to front run price action or predict. Leave that for the fund managers, speculators, and position traders. Price resets either by spending time in a range or selling off. Given the move we’ve seen, I’d anticipate more of a swift pullback that likely backtests the prior all time highs before carving out a range. Until then, our 5236 price target is in play with not much in the way before hand. 5100 proved to be pyschological resistance for now and we’ll continue to allow the market to dictate new levels as price discovery continues.
Economic Calendar & Earnings
source: investing.com
notable earnings: DPZ 0.00%↑ U 0.00%↑ ZM 0.00%↑ LOW 0.00%↑ CAVA 0.00%↑ BIDU 0.00%↑ AAP 0.00%↑ TJX 0.00%↑ SNOW 0.00%↑ MARA 0.00%↑ CELH 0.00%↑ ZS 0.00%↑
Near Term Outlook & Trade Plan
SPX 5100 targets 5120, 5150
SPX 5050 - 5100 = chop zone
SPX 5050 targets 5030, 5017
Pandas Weekly Watchlist
Our Favorite Trade Setup - AAPL under 180
Contract: AAPL 3/1 177.5p
Levels: 178, 176.65, 171.31
Stop: 182.15
Notes: AAPL 0.00%↑ has been very noticeably diverging from the market. If we see a dip on SPY/QQQ, this can be a very good one to watch to lead the market. 180 is a pretty defined level on this name so we can use that as our entry. If 180 breaks, its very likely to see a move to 176.65 level.
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