Nasdaq & ES Analysis (Thu, Oct 24)

🌟 Rise and Shine, Traders! 🌟

Welcome to today’s edition of The Daily Trader! Get ready for another action-packed day in the market as we deliver a top-tier watchlist, expert trade ideas, and a complete market outlook to help you stay sharp. Whether you're a seasoned trader or just getting started, our insights and analysis will keep you informed and ahead of the curve.

Nasdaq Futures - $NQ

With TSLA beating earnings, I think we have a strong foundation for a market bounce, and potentially a run up to ATH’s.

Technical Analysis

• NQ has formed a rising wedge pattern.

• Yesterday we made a third higher low, indicating a continuation of the uptrend.

• Look for a break above weekly VWAP (previous low of day) to take buy positions.

• Important levels to watch: $20,206, $20,402, $20,538.

S&P500 Futures - $ES

The overall outlook for $ES has been bullish. We are bouncing off a major uptrend, today I will be looking for buys as a trend continuation trade.

Technical Analysis

• ES has formed a rising wedge pattern.

• Yesterday we made a third higher low, indicating a continuation of the uptrend.

• Look for a break above weekly VWAP to take buy positions.

• Important levels to watch: $5,830, $5,850, $5,893.

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For the rest of the week, I am maintaining a bullish outlook on the market. Given the current momentum, I believe there's strong potential for further upside movement. As a result, I will be focusing on taking buy positions as part of a trend continuation strategy. This bias aligns with recent market strength, and I will be looking for confirmation through key technical indicators and levels.

Feel free to use this bullish bias as confluence with your own trading strategy and apply it to your setups. Utilize the levels I’ve provided to identify potential entry points, and remember to manage risk appropriately in case of any unexpected reversals. Let’s stay patient and allow the market to present the right opportunities for long positions!

Fear and Greed Index

We hope you enjoyed today’s analysis, packed with all the juicy insights you need to conquer the trading world! Stay tuned for more updates, analysis, and watchlists from The Daily Trader. Remember, the secret sauce to trading success is staying in the loop and making those savvy decisions. Thank you for being an awesome part of our community, and get ready for even more epic content coming your way soon. Until next time, trade on and stay awesome!