Pandas Weekly Newsletter 5/7

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 held a major backtest at 4050 last week after FOMC. We’ve been basing under 4195 for multiple weeks now. If the market can break out above 4200 this week we are set up to trend to 4300+. A loss of 4050 sets up a pull back to 3959 next. CPI is coming up on Wednesday this week and implying a 54pt move.

Economic Calendar & Earnings

source: (investing.com)

Notable Earnings: PYPL 0.00%↑ ABNB 0.00%↑ RIVN 0.00%↑ TWLO 0.00%↑ RBLX 0.00%↑ DIS 0.00%↑ JD 0.00%↑

source: earningswhispers.com

Near Term Outlook & Trade Plan

SPX 4169 targets 4186, 4195

SPX 4114-4148 = chop zone

SPX 4114 targets 4100, 4089

Pandas Weekly Watchlist

Our Favorite Trade Setup - QQQ over 324

Contract: QQQ 5/10 325c

Targets: 326.83, 330, 334.34

Stop: 322.50 using 15m candle

Notes: QQQ was trading in a range for multiple weeks. After briefly breaking lower it reclaimed 315, tested top of range, backtested 315 and closed last week right at the top of its range. This sets up a strong bullish breakout targeting 330-334 next.

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