Pandas Weekly Newsletter 5/27/24
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 could expect to see resets in the form of bigger dips now due to the way the market has extended from basing through time. We got just that on Thursday with an 80pt dip. Friday was an inside day with 5300 reclaiming. Going into this week we will want to see if the market shakes off the dip or if we get continuation lower. From a pure technical standpoint, getting some continuation lower looks setup nicely and would be good for the market. Supports below at 5240-5200.
Economic Calendar & Earnings
source: investing.com
Notable earnings: CAVA 0.00%↑ ANF 0.00%↑ CHWY 0.00%↑ CRM 0.00%↑ COST 0.00%↑ DG 0.00%↑ ULTA 0.00%↑ MDB 0.00%↑ MRVL 0.00%↑ ZS 0.00%↑ DELL 0.00%↑
Near Term Outlook & Trade Plan
SPX 5325 targets 5341, 5400
SPX 5283 - 5325 = chop zone
SPX 5283 targets 5264, 5240
Pandas Weekly Watchlist
Our Favorite Trade Setup - SHOP under 56.91
Contract: SHOP 5/31 56p
Levels: 54.59, 51.12, 45.43
Stop: 58.06
Notes: SHOP 0.00%↑ Has built up a nice base after gapping down on earnings. With a close on Friday just above that major support level, it looks setup for its next leg down. If 56.91 breaks, I like puts targeting the next big level at 54.49.
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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.
