Pandas Weekly Newsletter 4/21/24
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 continued lower last week to continue the correction after breaking trend a couple weeks ago. So far we have seen routine selling and technicals with levels being respected along the way. On Friday price failed to hold 5000 after a few attempts to reclaim, and then sold directly into our target support area at 4970. If that low is taken out, the next support is 4920. A reclaim over 5000 would trigger a larger bounce where bulls have a shot to build a base and near term bottom.
Worth noting mega caps have several earnings reports this week and the market could stage a relief bounce / risk off until we start seeing some reports come out. Given the state of the market volatility, we should see some good opportunities on any surprises.
Economic Calendar & Earnings
source: investing.com
Notable earnings: VZ 0.00%↑ GM 0.00%↑ TSLA 0.00%↑ V 0.00%↑ ENPH 0.00%↑ META 0.00%↑ BA 0.00%↑ CMG 0.00%↑ MSFT 0.00%↑ GOOGL 0.00%↑ RCL 0.00%↑ AAL 0.00%↑
Near Term Outlook & Trade Plan
SPX 5000 targets 5030, 5057
SPX 4953 - 5000 = chop zone
SPX 4953 targets 4920
Pandas Weekly Watchlist
Our Favorite Trade Setup - NFLX under 552.16
Contract: NFLX 4/26 545p
Levels: 548.72, 525, 506.93
Stop: 560
Notes: NFLX 0.00%↑ Coming off a negative reaction to an earnings report last week. Catalyst plays give us that edge on a trade so will be watching this one closely this week for continuation to the downside under Fridays lows. Can find a bit of support close by at 548.72 but if thats unable to hold this week then we can see a much larger drop.
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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.
