Pandas Weekly Newsletter 6/25

Every week we review everything you need to know about the stock market for the week ahead as an active or passive trader.

Jun 25, 2023

In last weeks newsletter we discussed the markets setting up for some digestion after the most recent rally. We ended up with a week of chop mostly between a 40pt range that expanded to 60pts total on Friday with $SPX testing 4340 support. This support held well on the first attempt then closed on the lows Friday. This week, we want to see how dips react and whether or not the market pulls into test 4300 support. If 4340 holds again, longs are favorable on a reclaim over 4383. Failure to do so would increase the probability of a pull back to 4300 or lower first.

Economic Calendar & Earnings

source: (investing.com)

Notable Earnings: MU 0.00%↑ GIS 0.00%↑ NKE 0.00%↑

source: earningswhispers.com

Near Term Outlook & Trade Plan

SPX 4383 targets 4400, 4448

SPX 4340 - 4383 = chop zone

SPX 4340 targets 4322, 4300

Pandas Weekly Watchlist

Our Favorite Trade Setup - AAPL over 187.56

Contract: AAPL 6/30 190c

Targets: 189, 190.95, 195.95

Stop: 186.20 using 15m candle

Notes: Watching this name for a new ATH breakout. Its found some resistance around 187 and closed just below it on Friday. A clean break over the ATH at 187.56 can bring fibonacci level at 190.95 next.

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