Pandas Weekly Newsletter 8/27

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 closed near 4400 this week and managed to hold a higher low from the most recent pullback. Now that Jackson Hole is out of the way and the majority of earnings, we will look to see whether or not the S&P can hold this recovery attempt or see continuation lower toward the 4200’s. Bulls want to defend last weeks lows and recapture 4458 to set up a move back to 4500+.

Economic Calendar & Earnings

source: (investing.com)

Notable Earnings: NIO 0.00%↑ BBY 0.00%↑ CRM 0.00%↑ OKTA 0.00%↑ CHWY 0.00%↑ DG 0.00%↑ AVGO 0.00%↑ LULU 0.00%↑ MDB 0.00%↑

Near Term Outlook & Trade Plan

SPX 4420 targets 4458

SPX 4385 - 4420 = chop zone

SPX 4385 targets 4360, 4336

Pandas Weekly Watchlist

Our Favorite Trade Setup - TSLA over 240.78

Contract: TSLA 9/1 245c

Levels: 242, 253.92, 262.47

Stop: 238 using 15m candle

Notes: TSLA 0.00%↑ seeing some consolidation between 229.82 and 240.78. A break over 240.78 level sets it up for a move higher towards 253.92 as it breaks out of the downtrend since about 284.25. Can see continuation to the downside as well if it breaks under 229.82.

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