Pandas Weekly Newsletter 9/29/24

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 small range week last week. Price managed to defend well on dips and support price action above 5700. The beginning of the month has not been very friendly for bulls over the last couple of months. If the market can’t manage to push to 5800 early to start the week we expect to see some selling kick in targeting the weekly tight trendline at around 5600. If bulls continue to defend 5700, our upside targets are 5818, 5880.

Economic Calendar & Earnings

source: investing.com

Notable Earnings: NKE 0.00%↑

Near Term Outlook & Trade Plan

SPX > 5767 targets 5778, 5800

SPX 5734 - 5767 = chop zone

SPX < 5734 targets 5700, 5689

Pandas Weekly Watchlist

Our Favorite Trade Setup - TSLA over 261.75

Contract: TSLA 10/4 270c

Levels: 265.61, 271, 280.93

Stop: 257

Notes: After breaking out of the 235 resistance level, Tesla has gained some strong momentum. Last week price spent time resting in a upward range. This can create a parabolic type response if the next move is to the upside. Q3 Delivery report is scheduled for 10/2 this week. A positive reaction to this sends the stock to 271 next. If we get a negative reaction we'll watch the 254 area for puts targeting 245 backtest.

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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.

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