Pandas Weekly Newsletter 8/11/24
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%↑ after breaking the weekly trend the week prior, the market found some support at 5100 and closed the week strong on the highs. Going into this week we want to see if the market can continue to build off the move. The V-shape recovery has legs if dips remain shallow and we can climb back up to 5447 this week. As long as 5300 holds on dips our near term target is 5400-5447 before seeing sellers step in again.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: HD 0.00%↑ CSCO 0.00%↑ BABA 0.00%↑ WMT 0.00%↑ JD 0.00%↑ DE 0.00%↑ AMAT 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5325 targets 5400
SPX 5250 - 5325 = chop zone
SPX < 5250 targets 5191
Pandas Weekly Watchlist
Our Favorite Trade Setup - META over 523.57
Contract: META 8/16 527.5c
Levels: 531.49, 542.81, 550
Stop: 518.70
Notes: Held up better than any of the other big tech names as its right back near the ATHs. Key level at 523.57. A break over this level could send it on a run to make a new ATH. Definitely noticeable relative strength that shouldn't be ignored here.
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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.
