Breaking All-Time Highs: What's Next for Nasdaq?

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Welcome to today’s edition of The Daily Trader! Today, we bring you a carefully curated watchlist, strategic trade setups, and a detailed outlook on the Nasdaq to help you navigate the market. Whether you're a seasoned trader or just starting out, our insights will keep you informed and prepared to make the most of every opportunity.

Nasdaq Futures - $NQ

The NASDAQ has continued its strong uptrend, recently breaking all-time highs, signaling robust bullish momentum. However, on the 1-hour timeframe, a bearish RSI divergence has emerged, which could suggest a potential slowdown or retracement. Traders should watch for the index to hold above last week’s high; a sustained hold would validate potential buying opportunities, whereas a failure to hold may prompt a shift towards selling. If buying pressure remains dominant, targets between $21,500 and $21,600 are achievable this week. Key levels to monitor include $21,587, $21,265, $21,121, and $20,788.

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I have a neutral bias on the market. I do think we are a bit overextended, and can see a slight pullback sometime soon. However, the NASDAQ has been in a powerful uptrend, recently breaking all-time high. Traders should be cautious this week and mainly look for buy setups, unless a shift in market sentiment is prominent.

Feel free to use this analysis and levels provided 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!

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!