Pandas Weekly Newsletter 6/2/24

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 saw a really nice reset last week down to 5200 support. While individual names took most of the attention while the market rested, we saw a large bounce into the close on Friday. This can be mostly contributed to end of month flows. As long as the weekly trend holds up, we can see a rally into some targets above at 5410, 5536 over the next several weeks. We’d welcome a more firm test of the trendline if we can get it (at 5168) first but will react to what the markets offer. Several macro events are on deck this week (see below).

Economic Calendar & Earnings

source: investing.com

Notable earnings: CRWD 0.00%↑ DLTR 0.00%↑ LULU 0.00%↑ VSCO 0.00%↑ NIO 0.00%↑ DOCU 0.00%↑

Near Term Outlook & Trade Plan

SPX 5283 targets 5300, 5325, 5341

SPX 5200 - 5283 = chop zone

SPX 5200 targets 5168

Pandas Weekly Watchlist

Our Favorite Trade Setup - AAPL over 192.82

Contract: AAPL 6/7 195c

Levels: 194.48, 196.40, 198.23

Stop: 190.90

Notes: AAPL 0.00%↑ Has been consolidating and holding up very well over the last couple of weeks. Looks set up for a move higher if we can get a breakout from this consolidation over 192.82. First target at level 194.48. Over that, it’s got potential to make a run at ATHs at 199.62.

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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.

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