Pandas Weekly Newsletter 4/28/24
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 posted an inside week last week following the market selling off the week prior. Price managed to hold 5000 and avoid making new lows. With some of the major earnings out of the way ( META 0.00%↑ TSLA 0.00%↑ MSFT 0.00%↑ GOOGL 0.00%↑ ) the market will look to the next round. This week we have AMD 0.00%↑ AAPL 0.00%↑ AMZN 0.00%↑ coming out in combo with a heavy economic calendar. The FOMC meeting is this Wednesday. This meeting in particular can create some more volatility due to the current sentiment around the fed. We started the year off pricing in several rate cuts and after the recent fed comments and data, only 1. This has potential to create another large move in the market and ultimately could determine whether we quickly revisit the highs in the market or sell toward 4900. .
Economic Calendar & Earnings
source: investing.com
Notable earnings: PYPL 0.00%↑ LLY 0.00%↑ AMZN 0.00%↑ AMD 0.00%↑ SBUX 0.00%↑ PFE 0.00%↑ QCOM 0.00%↑ AAPL 0.00%↑ COIN 0.00%↑ SQ 0.00%↑ DKNG 0.00%↑ NET 0.00%↑
Near Term Outlook & Trade Plan
SPX 5100 targets 5138
SPX 5057 - 5100 = chop zone
SPX 5057 targets 5030
Pandas Weekly Watchlist
Our Favorite Trade Setup - QQQ over 433.56
Contract: QQQ 4/30 435c
Levels: 437.10, 440.60, 446.58
Stop: 431
Notes: QQQ 0.00%↑ is a name we can use to simplify for this week. We have a lot of economic data events along with many big earnings reports so using SPY/QQQ will make it easier to simplify the moves in the market. We’ve got a pretty well defined level for QQQ at 433.56 with multiple tests over the last few months. If economic reports and earnings have negative reactions, we can switch to puts under 423.70.
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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.
