Pandas Weekly Newsletter 7/28/24
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%↑ finally got the weekly trendline test that we’ve been looking out for on any major dips. Now that we have validated this key trend it is now an important trigger for more downside. Price held support last week + reclaimed the 50d moving average on the daily timeframe. This range expansion has created bigger opportunities and is ideal market conditions for day traders. We will look to continue capitalizing on the movement regardless of direction. With that being said, it’s important to note that with the broader range, we now have a larger chop area heading into key earnings. It will be likely to see some chop until at least one of the major earnings are released.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: MCD 0.00%↑ AMD 0.00%↑ MSFT 0.00%↑ SBUX 0.00%↑ BA 0.00%↑ META 0.00%↑ ARM 0.00%↑ QCOM 0.00%↑ MRNA 0.00%↑ AMZN 0.00%↑ AAPL 0.00%↑ INTC 0.00%↑ COIN 0.00%↑ DKNG 0.00%↑ XOM 0.00%↑ CVX 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5500 targets 5550
SPX 5400 - 5500 = chop zone
SPX < 5400 targets 5375
Pandas Weekly Watchlist
Our Favorite Trade Setup - SPY under 537.45
Contract: SPY 7/31 535p
Levels: 537, 532, 524.61
Stop: 540
Notes: We had a trendline test last week and then a bounce off of it into the end of the week. If it breaks back under last weeks lows, momentum should be strong to the downside for continuation.
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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.
