Nasdaq & ES Analysis (Tue, Nov 5)

🌟 Rise and Shine, Traders! 🌟

Welcome to today’s edition of The Daily Trader! It’s Election Day, and the markets are primed for a potentially volatile session as investors keep a close eye on the results. Today, we bring you an expertly crafted watchlist, strategic trade ideas, and an in-depth market outlook to help you navigate the action. Whether you're a seasoned trader or just beginning, our insights and analysis will keep you informed and ready to capitalize on every opportunity.

Nasdaq Futures - $NQ

In yesterday’s newsletter, we highlighted the $20,010 level as a key bounce zone, and the NASDAQ responded exactly as anticipated, bouncing off it with precision. This movement has now set up a strong foundation for potential buys, with the formation of a double bottom signaling bullish momentum. Key levels to monitor include $20,490 as an upper resistance, $20,248 as a midpoint resistance, and $20,010 as a critical support level. As the market digests today’s election results, these levels will provide valuable indicators for positioning and potential upside.

S&P500 Futures - $ES

In yesterday’s newsletter, we identified the $5,732-$5,724 zone as a crucial bounce area for the ES, and it played out exactly as expected. After sweeping the previous week’s lows, the ES bounced strongly, suggesting a liquidity sweep that could fuel further upside. This rebound is a positive sign of potential momentum, and I believe there is room for additional gains. Key levels to keep on your radar are $5,776 as a resistance level, and the $5,732-$5,724 zone as a support area that could continue to provide stability.

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Today I have a bullish bias on the market. However, this busy financial week, coupled with significant earnings releases and economic data, sets a cautious tone as markets and investors look ahead to the upcoming U.S. presidential elections.

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!