Pandas Weekly Newsletter 5/19/24

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 brokeout of all time highs last week and spent the last couple days basing above the breakout spot. This week is going to have a focus on fed speakers and NVDA 0.00%↑ earnings. If price manages to hold 5264, we continue to follow the trend above highs. Below can signal a rest period and allow the markets to sell to reset. We’ve seen price base and reset through a couple sideways ranges and now that we’ve run hard, its more common to see faster sells to reset from here. With that being said, its important to trade the chart first and react to what the market presents us.

Economic Calendar & Earnings

source: investing.com

Notable earnings: WIX 0.00%↑ ZM 0.00%↑ PANW 0.00%↑ LOW 0.00%↑ TGT 0.00%↑ NVDA 0.00%↑ SNOW 0.00%↑

Near Term Outlook & Trade Plan

SPX 5325 targets 5350

SPX 5264 - 5325 = chop zone

SPX 5264 targets 5239

Pandas Weekly Watchlist

Our Favorite Trade Setup - AAPL over 191.19

Contract: AAPL 5/24 192.5c

Levels: 193, 194.48, 198.23

Stop: 189.40

Notes: AAPL 0.00%↑ Tested an important area last week and showed some good overall strength. With overall market trading at ATHs, I wouldn’t be surprised to see AAPL make an attempt at new ATHs as well. Watching for a break over 191.19 to look at calls. First big target to the upside at 194.48.

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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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