Pandas Weekly Newsletter 9/22/24
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%↑ had a very anticipated week with fomc. Price managed to defend 5600 very well leading to a large move to 5700. We had opex on friday and saw whipsaw type price action as expected with more than 5 trillion in options expiring. With this heavily anticipated week out of the way, we’re looking forward to the rest of the month. Historically the end of September is bearish. We will keep an open mind and trade it both ways as we normally do. If SPX can manage to defend 5700, we’re setup for a run to 5800 next. Back below 5600 sets up the downside and everything in between is a harder range. Focusing on individual stocks with catalyst while in that range can prove helpful in maintaining growth in the account.
Economic Calendar & Earnings
source: investing.com
Notable Earnings: AZO 0.00%↑ MU 0.00%↑ COST 0.00%↑
Near Term Outlook & Trade Plan
SPX > 5733 targets 5778
SPX 5614 - 5733 = chop zone
SPX < 5614 targets 5562
Pandas Weekly Watchlist
Our Favorite Trade Setup - NFLX over 707.89
Contract: NFLX 9/27 720c
Levels: 715.66, 723.40, 740
Stop: 700
Notes: Lots of consolidation last week right near the ATHs sets it up nicely for a breakout. We saw some resistance building up over the week at around 707.89. Once that level breaks, our near term target is 723.40
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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.
