Pandas Weekly Newsletter 4/7/24

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

Last week we discussed how the market continued to trend but as the range began to tighten it wouldn’t be surprising to see the markets look for a reason to sell. We got just that with a big sell and break of trend on Thursday. Fridays session retested the trend, rejecting slightly, and closing below. Now that volatility has picked up a bit we can expect the range to finally expand a bit more. This creates a better environment for trading opportunities if it continues. If we stay below trend, price risks a pullback to 5094-5057 next. Back above can push to the prior all time highs next.

Economic Calendar & Earnings

source: investing.com

Notable earnings: DAL 0.00%↑ KMX 0.00%↑ JPM 0.00%↑ WFC 0.00%↑ BLK 0.00%↑ C 0.00%↑

Near Term Outlook & Trade Plan

SPX 5226 targets 5261

SPX 5189 - 5226 = chop zone

SPX 5189 targets 5131

Pandas Weekly Watchlist

Our Favorite Trade Setup - NVDA under 858.80

Contract: NVDA 4/12 820p

Levels: 840, 823.94, 800

Stop: 870

Notes: NVDA 0.00%↑ Saw a flush last week that we were able to capitalize on and looking to add to that this week. Seems to have found some temporary support at 858-860 so will be watching for that zone to break for an entry on puts. First major target is 823.94 and then psych level at 800.

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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.

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