Pandas Weekly Newsletter 6/23/24
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 held up well last week leading up to OPEX. We saw the typical price action on Fridays opex with some names selling aggresively into the close. Overall the market stayed choppy and range bound. We’ve had 3 consecutive weeks higher achieving the 5500 target. We have a minor target at 5536 and then 5600 next. If 5500 remains a near term top, we want to continue keeping an eye on trendline support near 5260 now. Before that though we have strong support at 5341 that can act as a magnet if pric resets off the highs.
Something to keep on watch going into this week is the semi-conductor space and market leaders. If we start to see them pull back quickly, look to see if there is strong rotation into another area of the market such as IWM 0.00%↑ . If not, and there is coordinated selling, it could signal a near term top in the market for several weeks.
Economic Calendar & Earnings
source: investing.com
Notable earnings: CCL 0.00%↑ NKE 0.00%↑ FDX 0.00%↑ MU 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5505 targets 5536
SPX 5446 - 5505 = chop zone
SPX < 5446 targets 5374
Pandas Weekly Watchlist
Our Favorite Trade Setup - MSFT over 450.94
Contract: MSFT 6/28 455c
Levels: 456, 462.69, 470
Stop: 448.15
Notes: MSFT 0.00%↑ Saw some consolidation this past week in between 443.40 and 450.94. Looks to be setting up for another leg higher if we can push over that upper level. Next big level above is at 462.69. Big tech has been strong and makes up most of our watchlist this week. Its possible to see MSFT 0.00%↑ lead the way.
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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.
