Pandas Weekly Newsletter 5/5/24
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 managed to hold up well last week and defend the lows. When looking at the daily chart, you can see price still building out a bear flag from the most recent pullback. Bulls want to clear 5168 this week to begin recovering back near the highs. Back under 5000 sets up a large sell of to 4800-4900s. It’s worth noting that market corrections during this time are common and typically bottom in June during election years (historically). .
Economic Calendar & Earnings
source: investing.com
Notable earnings: PLTR 0.00%↑ DIS 0.00%↑ RIVN 0.00%↑ UBER 0.00%↑ DDOG 0.00%↑ CELH 0.00%↑ ARM 0.00%↑ HOOD 0.00%↑ RBLX 0.00%↑ ABNB 0.00%↑ WYNN 0.00%↑
Near Term Outlook & Trade Plan
SPX 5138 targets 5168
SPX 5092 - 5139 = chop zone
SPX 5092 targets 5038
Pandas Weekly Watchlist
Our Favorite Trade Setup - BABA over 81.42
Contract: BABA 5/17 82c
Levels: 82.45, 85.69, 88
Stop: 80.15
Notes: BABA 0.00%↑ Broke out of a big range last week on the move over the 78.34 level. We entered calls last week on that break and will be looking to catch more on a continuation over Fridays highs. Could be a solid multi-week breakout here considering the size of the range its breaking out of. This name is overdue for a move.
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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.
