Pandas Weekly Newsletter 8/4/24
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%↑ broke the weekly trend line we’ve been discussing for weeks on FOMC + major earnings last week. Some larger support is just below around 5261. For bulls to gain some ground we’d want to see a reclaim and close above 5447. Until then, near term trend favors the downside.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: PLTR 0.00%↑ UBER 0.00%↑ CELH 0.00%↑ SHOP 0.00%↑ DIS 0.00%↑ RIVN 0.00%↑ ABNB 0.00%↑ WYNN 0.00%↑ RDDT 0.00%↑ CVS 0.00%↑ HOOD 0.00%↑ LLY 0.00%↑ ELF 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5375 targets 5400
SPX 5300 - 5375 = chop zone
SPX < 5300 targets 5261
Pandas Weekly Watchlist
Our Favorite Trade Setup - GOOGL over 168.10
Contract: GOOGL 8/9 170c
Levels: 171.76, 174.71, 178.74
Stop: 166
Notes: Looks to be setting up nicely for a bounce IF it can reclaim the important level at 168.10. Over this level I like it as a play for upside (A relief bounce at the very least). Over 168.10 it can see a test back to 171.76.
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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.
