Nasdaq Trade Idea (Thu, July 10)

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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. Let’s dive in!

Nasdaq Analysis

For the NASDAQ, the key levels we highlighted yesterday remain in play. The 0.618 fib at $22,780 and the 0.5 fib at $22,842 continue to serve as critical support zones, marking the area where buyers need to step in to keep the current bullish structure intact. These levels have aligned with a pocket of demand that has held well in recent sessions, and maintaining price action above them would signal that buyers are willing to defend higher lows, keeping momentum on their side.

If these fib levels fail to hold, it would indicate a shift in sentiment, and we could see a move lower toward $22,751, which was last week’s open, followed by $22,582, last week’s low. These downside targets would be the next areas to watch for potential support and a possible bounce.

On the upside, the bulls have a clear line in the sand. We need to see a decisive break and hold above $23,102, which was last week’s high, to open the door for further momentum and a potential push into a new leg higher.

I’m leaning bullish here, but I’m staying cautious post-FOMC. If NASDAQ can hold above the $22,780–$22,842 fib zone, there’s a clear path toward $23,102 and beyond. But if we lose these levels, I’ll be watching $22,751 and $22,582 for a potential bounce.

This is a market that can turn quickly on headlines, so protect your capital and let the price action confirm direction before sizing up. Trade the levels, not your bias.

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! 🐂