Nasdaq Trade Idea (Fri, Dec 20)

🌟 Rise and Shine, Traders! 🌟

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. Let’s dive in!

Nasdaq Analysis

NASDAQ took a nosedive after the FOMC meeting, dropping 4% and slicing through a trendline that had held strong since August. Cue the panic, right? Not so fast. Like a savvy magician, the market pulled a quick recovery, reclaiming that trendline and making the initial breakdown look like a clever fakeout.

What’s fueling this rebound? The index found its footing at a golden Fibonacci pocket between $21,009 and $20,951—a key support zone calculated from November’s lows to all-time highs.

NASDAQ just broke above the previous day’s high at $21,413. That’s a promising sign of a potential market structure shift. But the real test lies ahead—resistance between $21,667 and $21,706. If the bulls power through this zone, we could be looking at new all-time highs on the horizon.

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I remain bullish on the NASDAQ’s outlook. The strong reclaim of the trendline support and a bounce at the Fibonacci golden pocket highlight the market’s resilience. With momentum building and key levels being tested, I’m optimistic about a potential breakout toward new all-time highs.

As always, stick to your strategy and approach the market with confidence. Opportunities are abundant when momentum is on your side, but staying disciplined will help you make the most of them. Let’s see if the bulls can deliver!

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! 🐂