Pandas Weekly Newsletter 6/30/24

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 SPY 0.00%↑ continues to hold trend from a big picture perspective. Last week we closed out the month and quarter with the market trapping above 5500 and closing below. It’s common to see end of month/quarter volatility. What we will want to see heading into this week is if the selling pressure is sustainted or bought back up through 5500. If we clear bcak through 5500, our 5600 target comes into view quickly.

If price begins selling through 5450 support, we could begin a reset in the markets with a main target being the 5341 key level and trendline right below it. This hasn’t tested since April with every dip in the market being impressively bought back up.

Economic Calendar & Earnings

source: investing.com

No major earnings this week.

Near Term Outlook & Trade Plan

SPX > 5488 targets 5505, 5524

SPX 5446 - 5488 = chop zone

SPX < 5446 targets 5403

Pandas Weekly Watchlist

Our Favorite Trade Setup - IWM over 204.83

Contract: IWM 7/5 206c

Levels: 205.91, 207.62, 209.77

Stop: 202.68

Notes: As some of the leaders begin to rest, IWM 0.00%↑ is a top watch for rotation this week. A break over key level 204.83 can kick off a move to 207-209.

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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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