Daily Overview: Nasdaq NQ Futures 12/26/2023 for CME_MINI:NQ1! by TheGlobexTrader

Market Outlook:

With the market showing no sign of retreating from the green trendline support, I maintain a bullish stance for the upcoming session. The new 52-week high of $17,102.75, set on 12/26/2023, could be retested if the bullish momentum persists.

Economic Calendar Insights:

The absence of high-impact economic events on 12/27/2023 could give the bulls an edge. However, upcoming Thursday(12/28/2023) data on Jobless Claims and Home Sales may shift market dynamics.

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Index Analysis:

The

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Index has predominantly hovered within a neutral but bullish range of +750 to -290. With a tilt towards bullishness, this neutrality suggests underlying strength in the market’s uptrend.

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Sentiment Ranges:

Neutral Market: Between +200 and -300.

Bullish Signals:

Bullish: Above +200.

Very Bullish: Above +500.

Extremely Bullish: Above +1000.

Bearish Signals:

Bearish: Below -300.

Very Bearish: Below -500.

Extremely Bearish: Below -1000.

Recent Market Behavior:
Despite a highly bearish

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reading of -998 on 12/20/2023, the market’s recovery indicates the bulls’ determination to keep the upward trend intact, consistently tracking the green trendline.

Trading Strategy Moving Forward:

I will be closely monitoring the

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for entry signals. While I remain cautious and bearish as we approach the new year, I am open to considering long positions if the

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presents neutral or slightly bullish indications, especially if the market continues to push toward new highs.

Strategy Note:

As we near the end of the year, a break above the teal trendline could signify a bullish continuation. However, the approach of a new year also warrants readiness for a shift in market sentiment, potentially providing opportunities for short positions.