2024-12-02 - priceactiontds - daily update - nasdaq
Good Evening and I hope you are well.
nasdaq e-mini futures
comment: Clear breakout on the daily chart. ATH wants a retest and for now there is no reason why market would stop there. My upmost target is 22400ish but for now bulls want to hit the 3 upper trend lines and see which one produces most resistance. Bears come back into the picture with a daily close below 20800.
current market cycle: Bull trend but also nested bull wedges on the daily chart. Will end in the next 3-8 weeks
key levels: 21000 - 21500
bull case: Bulls have 3 obvious targets above now. First ath retest 21340, then 2 more upper bull trend lines from wedges. 22000 is possible over the next 4 weeks but we are in the last stage of the bull trend.
Invalidation is a daily close below 21000.
bear case: Bears gave up above 21000 and will probably try again above 20300 or higher. For now they don’t have any arguments before bulls begin to stall due to profit taking. It’s too late for bigger longs and too early to short. Be patient.
Invalidation is above 22000.
short term: Bullish for 21340 and then probably some more. Buying pullback is most likely the easiest way here.
medium-long term: Will update this over the weekend. 22000 is a possibility but a bit far for now. Daily close above 20500 would bring it in play. First target for Q1 2025 is 19000.
current swing trade: Nope
trade of the day: Buy anywhere. Textbook breakout and market never looked back.
nasdaq e-mini futures
comment: Clear breakout on the daily chart. ATH wants a retest and for now there is no reason why market would stop there. My upmost target is 22400ish but for now bulls want to hit the 3 upper trend lines and see which one produces most resistance. Bears come back into the picture with a daily close below 20800.
current market cycle: Bull trend but also nested bull wedges on the daily chart. Will end in the next 3-8 weeks
key levels: 21000 - 21500
bull case: Bulls have 3 obvious targets above now. First ath retest 21340, then 2 more upper bull trend lines from wedges. 22000 is possible over the next 4 weeks but we are in the last stage of the bull trend.
Invalidation is a daily close below 21000.
bear case: Bears gave up above 21000 and will probably try again above 20300 or higher. For now they don’t have any arguments before bulls begin to stall due to profit taking. It’s too late for bigger longs and too early to short. Be patient.
Invalidation is above 22000.
short term: Bullish for 21340 and then probably some more. Buying pullback is most likely the easiest way here.
medium-long term: Will update this over the weekend. 22000 is a possibility but a bit far for now. Daily close above 20500 would bring it in play. First target for Q1 2025 is 19000.
current swing trade: Nope
trade of the day: Buy anywhere. Textbook breakout and market never looked back.
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