Pandas Weekly Newsletter 7/23
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 got just shy of our 4595 target last week. We finally saw a couple days of digestion on the back of NFLX 0.00%↑ and TSLA 0.00%↑ earnings in addition to the market rebalance in tech. This week is setting up to be one of the trickiest we’ve seen this year. We have major earnings kicking off this week + FOMC on Wednesday. As price as began to show signs of digestion we’ll keep it simple and trade it one day at a time, level to level. Back under 4495 favors a deeper pullback to 4450-4400. Over 4595 can breakout to 4700.
Economic Calendar & Earnings
source: (investing.com)
Notable Earnings: MSFT 0.00%↑ GOOGL 0.00%↑ META 0.00%↑ BA 0.00%↑
Near Term Outlook & Trade Plan
SPX 4555 targets 4578, 4595
SPX 4527 - 4555 = chop zone
SPX 4527 targets 4514, 4495
Pandas Weekly Watchlist
Our Favorite Trade Setup - LOW over 235.07
Contract: LOW 7/28 237.5c
Targets: 238.83, 241.18, 244.85
Stop: 232.19 using 15m candle
Notes: LOW 0.00%↑ has shown some clear relative strength the last week after the market saw decent digestion. A stronger chart than it’s competition HD 0.00%↑, makes it a better pick for the upside. This week is full of earnings and major economic events. If LOW can avoid a double top, we like this technical setup for continuation to 238-240 resistance.
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