Pandas Weekly Newsletter 6/16/24
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 rally continues after CPI FOMC. The market has been resilient on dips and trending closer to the 5536 target we set a week or so ago. We’re keeping an eye on the weekly trend on any dips that come next. Price has tested 2x with another just shy of it as price begins getting tighter near the highs. Simple approach from here is to follow the trend until it bends. Larger dips would be welcomed and create some stronger opportunities.
Economic Calendar & Earnings
source: investing.com
Notable earnings: KR 0.00%↑ KMX 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5446 targets 5500, 5536
SPX 5400 - 5446 = chop zone
SPX < 5446 targets 5374
Pandas Weekly Watchlist
Our Favorite Trade Setup - MSFT over 443.39
Contract: MSFT 6/21 447.5c
Levels: 450, 455, 462.69
Stop: 439.37
Notes: Nice defined level here at ATHs with 3 tests now. A break over this level can get it going for its next leg up. Next level above is a bit away with it being a fibonacci level at 462.69.
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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.
