Pandas Weekly Newsletter 7/7/24

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 continues trend and pushed out to new highs during the holiday week. The 5600 target is not far off from here. Over the last couple weeks we’ve seen the 5446 level get very defined. We’d anticipate a stronger pullback to trendline when this area fails and until then we trade the trend until it bends.

It’s worth noting the market hasn’t really reacted to any headlines recently. This week we have Powell testifiying on Tuesday and Wednesday along with CPI on Thursday. These events are typically what we would see get a market reaction so it they will remain a focal point this week for the market.

Economic Calendar & Earnings

source: investing.com

Notable Earnings: PEP 0.00%↑ DAL 0.00%↑ JPM 0.00%↑

Near Term Outlook & Trade Plan

SPX > 5536 targets 5600

SPX 5505 - 5536 = chop zone

SPX < 5505 targets 5446

Pandas Weekly Watchlist

Our Favorite Trade Setup - META over 540.87

Contract: META 7/12 545c

Levels: 552.73, 570, 588.77

Stop: 536

Notes: Coming off a huge move last week on Friday makes this a top watch heading into this week for continuation. Over the ATHs at 540.87 gives it some room to run with the next level being at 552.73. If we don’t break the highs, then it’s possible we see a few days of consolidation before the next move.

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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.

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