Pandas Weekly Newsletter 3/23/24
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 continues is bullish run nearing 5300. We finally achieved the 5237 target we’ve mentioned for several weeks, and then some. From here, the market continues to trend and until it fails, we have to trade whats in front of us. The market will see a needed reset at some point but our job isn’t to predict when. We have to simply react to the opportunty sets as they come. Targets above for more upside are now 5400-5440.
Economic Calendar & Earnings
source: investing.com
notable earnings: GME 0.00%↑ CCL 0.00%↑ RH 0.00%↑
Near Term Outlook & Trade Plan
SPX 5260 targets 5300
SPX 5189 - 5260 = chop zone
SPX 5189 targets 5056
Pandas Weekly Watchlist
Our Favorite Trade Setup - UBER over 82.14
Contract: UBER 4/5 83c
Levels: 84, 86.31, 91.69
Stop: 80.85
Notes: UBER 0.00%↑ Caught my eye this week when scanning the charts. Has a really nice look on this setup on a break over ATHs at 82.14. Lots of consolidation since mid-February and could now be ready for a breakout. Fibonacci levels over ATHs at 86.31 and 91.69. Can be a slower moving stock so I prefer a little more time on the expiration and will be looking at this one for a swing trade.
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Want to review our performance first? Here was last weeks performance along with a link to the entire years worth of alert data.