Pandas Weekly Newsletter 7/21/24
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%↑ last week we discussed how resilient the market has been over the last 12 weeks. We didn’t want to get ahead of ourselves predicting a sell, but it is no surpise we finally got one. Last week we saw a strong gap lower on Thursday followed by strong continuation on Friday to put in a bearish engulfing weekly candle. Below we have the weekly trend line we’ve been discussing that is now more in focus. Price has some stronger support around 5400-5450 there. We will be watching this closely if we get a follow through week. If the lows from last week are supported we will look for an inside week and any bounces to see strong resistance at last weeks lows near 5560.
Important resistance: 5560
Important support: 5488-5500, 5400-5450
Economic Calendar & Earnings
source: investing.com
Notable Earnings: SPOT 0.00%↑ TSLA 0.00%↑ GOOGL 0.00%↑ ENPH 0.00%↑ CMG 0.00%↑ F 0.00%↑ AAL 0.00%↑ V 0.00%↑ V 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5523 targets 5562
SPX 5489 - 5523 = chop zone
SPX < 5489 targets 5447, 5400
Pandas Weekly Watchlist
Our Favorite Trade Setup - COIN over 264.30
Contract: COIN 7/26 270c
Levels: 272, 283.48, 290
Stop: 259.90
Notes: We've got a nice looking trend break and a major level just above at 264.30. A break over this level would be a good signal for a larger breakout to the upside.
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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.
