Pandas Weekly Newsletter 7/2

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 strong move into the end of the week after a long week of chop. We tested and closed near 4448 resistance. The volume last week was notably lower and can remain the same theme into this week with the holiday. If bulls defend 4448 we are set up for 4500 next. A tough range exists between 4340-4448 and favors smaller size / more tactical trades. If the market reverses under 4340 this week, we can see a leg lower into 4200 before finding strong support. There are a decent amount of economic headlines this week that the market will be focused in on. Reminder, tomorrow the market closes early at 1pm EST and is closed all day on Tuesday for the 4th holiday.

Economic Calendar & Earnings

source: (investing.com)

Notable Earnings: no notable earnings this week.

source: earningswhispers.com

Near Term Outlook & Trade Plan

SPX 4448 targets 4500, 4514

SPX 4421 - 4448 = chop zone

SPX 4421 targets 4400, 4383

Pandas Weekly Watchlist

Our Favorite Trade Setup - META over 289.79

Contract: META 7/7 292.5c

Targets: 293, 297.38, 300

Stop: 287.50 using 15m candle

Notes: Lots of consolidation between 276.70 and 289.79 levels. Definitely setting up for a bigger move here soon. A break under 276.70 and puts can work but since we’ve had several recent tests at 289.79, we will be watching more closely for calls on the break to the upside.

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