Nasdaq & ES Analysis (Tue, Nov 19)

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Welcome to today’s edition of The Daily Trader! In this post, we will give a detailed outlook on the Nasdaq to help you confidently navigate the market. Along with this setup, we’ll share key levels to watch and insights to keep you sharp in today’s session. Whether you’re an experienced trader or just getting started, our analysis is here to help you stay informed and ready to capitalize on every opportunity. Let’s dive in!

Nasdaq Futures - $NQ

The NASDAQ appears to be forming a bear flag, signaling potential further downside. I’m keeping a close eye on the key level at $20,574—a break below this would confirm a sell setup. If this level fails to hold, we could see a move toward last week’s lows at $20,405.

On the upside, $20,788, last month’s high, is a critical resistance level. A break above this could open the door to a rally toward $20,983. For intraday traders, the pivot point at $20,746 is worth monitoring. A sustained move above this level and the previous month’s high could set the stage for a strong bullish move.

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S&P500 Futures - $ES

The ES chart mirrors the NASDAQ with a potential bear flag formation. Tomorrow’s key pivot level to watch is $5,942. A break and hold above this level could drive price action toward $5,985.

On the downside, if we break below $5,904 and further undercut $5,898, sell opportunities may arise with a target at $5,850. Keep an eye on these critical levels to navigate the market effectively.

I have a neutral bias on the market. I think we are set up to make lower lows however I would like to get a break below the levels provided before going short. The market has been in an uptrend so it’s important to go in each trading day ready to capitalize on either side.

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!

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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!