Nasdaq & ES Analysis (Wed, Oct 30)

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Nasdaq Futures - $NQ

Yesterday was another strong day for Nasdaq, yet another high has been made! I do think we are a bit overextended here and can see a light pullback or consolidation until NFP on Friday.

Technical Analysis

• RSI is showing overbought on the 1 hour timeframe.

• Testing upper trendline resistance.

• Look for a break below weekly VWAP for sell positions.

• Important levels to watch: $20,707, $20568, $20,432, and $20,350.

S&P500 Futures - $ES

Looking at the daily chart, you can see lots of choppy candles. No clear move from buyers or sellers however we’ve been crawling up very slowly - indicating weakness from buyers.

Technical Analysis

• Buyers are weak - Indecisive candles.

• Overall we are in an uptrend.

• Look for a bounce around $5858-5854.

• Important levels to watch: $5,915, $5,900, $5,858, $5,839, and $5,801.

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Today I have a neutral bias on the market. Given the current momentum, I believe there's strong potential for further upside movement. However, I would like us to hold these levels before taking buys.

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!