Pandas Weekly Newsletter 8/25/24
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 saw yet another strong week after establishing a V-shape recovery from the most recent Japan carry trade sell off. Last week we had data + Jackson Hole that presented an opportunity for added volatility, yet the markets remained resilient.
We’re beginning to see sentiment pick up regarding the bearish seasonality coming up over the next couple months. What is crucial to remember is to follow price first. As active day traders, our goal is to let price lead and react accordingly. It’s important not to trade based off thesis alone…
The all time highs are a magnet to start off the week while 5561 sets up more downside. Our focus this week will be on trading off these levels for larger opportuntiies. NVDA 0.00%↑ reports earnings on Wednesday which can set the tone for tech over the next couple weeks.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: ANF 0.00%↑ CHWY 0.00%↑ NVDA 0.00%↑ U 0.00%↑ CRWD 0.00%↑ CRM 0.00%↑ AFRM 0.00%↑ OKTA 0.00%↑ BBY 0.00%↑ DELL 0.00%↑ LULU 0.00%↑ ULTA 0.00%↑ DG 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5642 targets 5669
SPX 5562 - 5642 = chop zone
SPX < 5562 targets 5505
Pandas Weekly Watchlist
Our Favorite Trade Setup - QQQ under 473.81
Contract: QQQ 8/28 471p
Levels: 471.29, 468.14, 460.58
Stop: 478
Notes: Has been weaker than $SPY, so favoring this one for a play to the downside if the market heads lower. Decently defined level sitting around 473.81. If that breaks, the next major level below is at 468.14.
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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.
