Pandas Weekly Newsletter 3/10/24
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 daily trend is coming into view after a data packed week. The market printed a bearish engulfing candle on Friday and closed on support, just above the trend. We’ve been on a tremendous run the last several months as we all know. From here, if the market begins to sell more aggressively, it will be a good reset for the markets. March typically sees some bearish activity but hasn’t been the case, yet. We have a very tradeable top now at 5189 and if the market begins shifting trend, we’ll likely see some great opportunities to the downside. If we recover back to the highs, it’s business as usually and we continue following trend!
Economic Calendar & Earnings
source: investing.com
notable earnings: ORCL 0.00%↑ ASAN 0.00%↑ DLTR 0.00%↑ DG 0.00%↑ DKS 0.00%↑ ADBE 0.00%↑
Near Term Outlook & Trade Plan
SPX 5149 targets 5189, 5236
SPX 5094 - 5149 = chop zone
SPX 5094 targets 5057, 5038
Pandas Weekly Watchlist
Our Favorite Trade Setup - BA under 197
Contract: BA 3/15 195p
Levels: 195, 192.40, 187.52
Stop: 200
Notes: BA 0.00%↑ Has built up quite a large base using 197-200 as an area of support. If this support breaks this week we can see a flush to the downside. On the other side, we do have a wedge built up and could see a move to the upside over 208 so calls can be on watch as well. Either way, a larger move is on the horizon and we can be prepared to play either side.
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