Pandas Weekly Newsletter 4/30

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 saw a larger range last week as expected with big tech earnings. We finally got follow through, and in both directions. The first half of the week broke the daily range lower for 2 days and then rebounded on earnings to close out the week very strong on the highs. This was much better to trade than the action we have been seeing.

Now we look to see if we can finally break through this 4100-4200 resistance zone. If bulls can clear this zone after last week, we are set up to test 4325 next. If 4100 is lost again, bulls likely aren’t so lucky and we favor a deeper sell off to 3950 starting.

Economic Calendar & Earnings

source: (investing.com)

Notable Earnings: AMD 0.00%↑ SBUX 0.00%↑ QCOM 0.00%↑ AAPL 0.00%↑ SHOP 0.00%↑ MRNA 0.00%↑ COIN 0.00%↑ SQ 0.00%↑ DDOG 0.00%↑

source: earningswhispers.com

Near Term Outlook & Trade Plan

SPX 4163 targets 4177, 4195

SPX 4148-4195 = chop zone

SPX 4148 targets 4127, 4114

Pandas Weekly Watchlist

Our Favorite Trade Setup - QQQ over 322.80

Contract: QQQ 5/3 324c

Targets: 325.17, 330, 334.55

Stop: 320 using 15m candle

Notes: Closed Friday over a major level and is looking for continuation towards 330, 334.55. It was trading within that range of 314-321 since end of March. Typically, the longer the consolidation the bigger the move on the break out, so this is high on my watch this week.

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