Pandas Weekly Newsletter 5/21

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 finally saw a strong attempt to clear the daily range it had been stuck in between 4114-4148 last week with a 2 day rally to 4200. Last week we discussed that if the 4114 pivot held we favored a break of range to 4200 and got just that. The 4218 target where SPX stopped just 6pts shy from will be the focus for this week. If we see an early break above we can continue to make a move higher toward 4300. Bulls ideally want to hold backtests of support no lower than 4148 to keep this attempt at a new trend higher in play.

Economic Calendar & Earnings

source: (investing.com)

Notable Earnings: LOW 0.00%↑ NVDA 0.00%↑ SNOW 0.00%↑ BBY 0.00%↑ COST 0.00%↑ ULTA 0.00%↑

source: earningswhispers.com

Near Term Outlook & Trade Plan

SPX 4218 targets 4250, 4265

SPX 4163-41200 = chop zone

SPX 4163 targets 4148, 4114

Pandas Weekly Watchlist

Our Favorite Trade Setup - NFLX over 375.87

Contract: NFLX 5/26 380c

Targets: 380, 386.80, 396.50

Stop: 372.80 using 15m candle

Notes: Coming off a big move last week on Thursday followed by an inside day on Friday. A break over the high of Thursdays candle sets it up nicely for continuation. Possible to see some more consolidation inside Thursdays candle first before we get that break.

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