Nasdaq Trade Idea (Wed, Nov 6)

🌟 Rise and Shine, Traders! 🌟

Welcome to today’s edition of The Daily Trader! It’s Election Week, and the Nasdaq is set for a potentially volatile session as investors closely monitor the results. Today, we bring you a carefully curated watchlist, strategic trade setups, and a detailed outlook on the Nasdaq to help you navigate the market. Whether you're a seasoned trader or just starting out, our insights will keep you informed and prepared to make the most of every opportunity.

Nasdaq Futures - $NQ

In yesterday’s newsletter, we highlighted a bullish setup as the Nasdaq formed a double bottom and rallied significantly, even making a higher high. Today, however, a potential reversal could be on the horizon. The RSI is in overbought territory, and we’re hitting resistance at the 0.886 Fibonacci level ($20,817), alongside last month’s high and the upper trendline of a rising wedge pattern. For further upside, I’d like to see a clean break and retest of the previous month’s high ($20,788). With upcoming events like the U.S. elections and other economic factors, I’m staying neutral for now. Key levels to watch are $21,237, $21,030, $20,817, $20,788, and $20,449.

Man Who Called Nvidia at $1.10 Says Buy This Now...

In 2004, one man called Nvidia before just about anyone knew it existed. Now, he says a new company could become the next to soar like Nvidia. The biggest tech firms are loading up on shares. Nvidia, Apple, Google, AMD, Intel, and Samsung are all invested in this company. It also signed a MAJOR deal with Apple to get its AI tech into the iPhone and iMac. And its tech is also found in products from Samsung and Google.

Click here for the details.

I have a neutral bias on the market. I do think we are a bit overextended, and can see a slight pullback sometime soon. 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!