Pandas Weekly Newsletter 7/14/24
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%↑ in the last 12 weeks of trading we’ve seen the S&P close up 9, flat 2, and red 1 week. It has been an impressive rally for the markets with little selling. We saw some selling finally take place on Thursday last week that was met by a sharp bounce back day. However, Fridays close is more important and we saw the market sell back into the range of Thursdays sell. With the market being so resilient, it finally looks setup for some continuationn lower. The overall trend is still intact so we will continue to let price lead. The good news for traders is regardless if we get upside or downside, the range has expanded. This range expansion creates better opportunities for us as sentiment will see exaggerations reflected in price.
If we get follow through to last week and price loses the 9ema on the daily, we anticipate a move to the weekly trendline before finding stronger support. It’s important to remember with the events of yesterday and the upcoming election, there will likely be continued volatility present in the markets. Keep an open mind and trade objectively.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: GS 0.00%↑ BAC 0.00%↑ UNH 0.00%↑ MS 0.00%↑ ASML 0.00%↑ JNJ 0.00%↑ UAL 0.00%↑ DFS 0.00%↑ TSM 0.00%↑ NFLX 0.00%↑ ISRG 0.00%↑ AXP 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5655 targets 5700
SPX 5575 - 5655 = chop zone
SPX < 5575 targets 5536, 5500
Pandas Weekly Watchlist
Our Favorite Trade Setup - QQQ under 490.73
Contract: QQQ 7/17 488p
Levels: 486.88, 482.40, 478.14
Stop: 494
Notes: Big engulfing candle from Thursday followed by an inside day on Friday. A break under the lows of that engulfing candle sets it up for continuation to the downside. Next level below at 486.88.
Join Our Professional Community!
We provide live commentary, trade alerts, education, and more every day in our discord room! Join risk free anytime here: https://whop.com/panda-options
Want to review our performance first? Here was last weeks performance along with a link to the entire years worth of alert data.
