Pandas Weekly Newsletter 8/18/24
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 the V-shape recovery setting up in the markets. This played out well and beyond our 5447 target, closing the week on the highs at 5554. Now that the V shape recovery has been established, it will be very key to watch the $VIX and subsequent dips in the market. If we see large pullbacks and lose 5300, volatility will pick up and we likely keep a large range — retesting lows. If dips remain constructive, we can expect to see some basing as the markets digest this move and prepare for the next leg. Another scenario to be ready for is a squeeze into 5614 before meeting sellers. It’s important to have some caution on longs for this move with traps being more likely in the near term.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: PANW 0.00%↑ LOW 0.00%↑ TGT 0.00%↑ SNOW 0.00%↑ ZM 0.00%↑ BIDU 0.00%↑ CAVA 0.00%↑ WDAY 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5562 targets 5614
SPX 5505 - 5562 = chop zone
SPX < 5505 targets 5447
Pandas Weekly Watchlist
Our Favorite Trade Setup - TSLA over 221
Contract: TSLA 8/23 225c
Levels: 226.32, 235.23, 242
Stop: 216
Notes: Big test for this name heading into the week as it attempts to break this short term trend. On Monday, it will need to break above 221 to poke out of this trend. 235.23 is the next major level above and would be set up nicely for that if its able to get through the trendline.
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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.
