Pandas Weekly Newsletter 3/17/24
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 closed below its trend for the first time in weeks after basing near the highs for most of the week. FOMC is this week on Wednesday with about a 65pt implied move. The market favors pullback under 5100 targeting 5057 support. This is a big area of support to test first and about 60pts away. For the upside, we want to remain more conservative until price can break back through the highs. We’ve had a price target at 5327 for several weeks that has gotten fairly close and would expect to see a test if this played out.
Economic Calendar & Earnings
source: investing.com
notable earnings: XPEV 0.00%↑ WULF 0.00%↑ PDD 0.00%↑ GIS 0.00%↑ MU 0.00%↑ NKE 0.00%↑ LULU 0.00%↑ FDX 0.00%↑
Near Term Outlook & Trade Plan
SPX 5148 targets 5189, 5236
SPX 5094 - 5148 = chop zone
SPX 5094 targets 5057, 5038
Pandas Weekly Watchlist
Our Favorite Trade Setup - QQQ under 432.74
Contract: QQQ 3/20 430p
Levels: 429.85, 425, 423.70
Stop: 436.60
Notes: QQQ 0.00%↑ Breaking short term trendline paired with an important support level at 433.56. Managed to close just above this level on Friday but will be on watch this week for continuation under Fridays lows of 432.74. Next important level below at 429.85.
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