Pandas Weekly Newsletter 4/2

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

Last week we discussed how the market was setting up a bigger move favoring the upside. After weeks of consolidating and backtesting the weekly trend line, we had the first close above 2 weeks ago. Then this week we got follow through to the upside, closing on the highs near 4119. There are a number of economic headlines coming out this week that could create some choppy / range bound price action. The markets digest moves in 2 main ways. Either through time in a choppy range or sharper sell offs. 3950-4119 can act as a zone to consolidate in while over 4119 favors a continuation move targeting 4195.

REMINDER: The markets are closed on Friday this week.

Economic Calendar & Earnings

source: (investing.com)

Notable Earnings: No major notable earnings this week.

source: earningswhispers.com

Near Term Outlook & Trade Plan

SPX 4119 targets 4149, 4195

SPX 4080-4119 = chop zone

SPX 4080 targets 4039, 4000

Pandas Weekly Watchlist

Our Favorite Trade Setup - MRNA over 155

Contract: MRNA 4/6 157.5c

Targets: 156.57, 158.89, 162.78

Stop: 152.70 using 15m candle

Notes: Nice move on Friday breaking out of a little consolidation and managed to close just under an important level at 155. Over this level we can see a larger breakout towards the 162.78 level. This is a day 2 continuation play that I’ll be watching closely this week.

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