Daily Overview: Nasdaq NQ Futures 12/28/2023
Market Recap:
Nasdaq futures nudged a new 52-week high on 12/27, displaying bullish vigor before the year's close. Economic data today showed a slight uptick in jobless claims and stagnant home sales, but the market stayed resilient, not dipping below the significant $17,075 level. The action hovered between $17,160 and $17,080, ending the session with cautious optimism.
Market Outlook:
The spotlight is now on tomorrow's PMI data. This could influence the market's direction, potentially signaling bearish moves as we enter the new year. Despite hitting new highs, we keep our expectations in check, aiming to close near these top levels without breaking below the $17,075 support line.
Moving Forward:
While maintaining a bullish stance immediately, we are eyeing bearish positions for the upcoming quarter. Recent weak economic signals have painted a picture where Q1 could see a downturn. The PMI data will offer insights into the length of any bearish momentum.
Strategy Note:
As we transition into 2024, the plan is to monitor economic indicators closely, particularly the PMI. A weaker PMI could confirm the inclination to adopt bearish positions for Q1. The current market shows us teetering on the edge of a range, with $17,000 as our critical foothold.
Nasdaq futures nudged a new 52-week high on 12/27, displaying bullish vigor before the year's close. Economic data today showed a slight uptick in jobless claims and stagnant home sales, but the market stayed resilient, not dipping below the significant $17,075 level. The action hovered between $17,160 and $17,080, ending the session with cautious optimism.
Market Outlook:
The spotlight is now on tomorrow's PMI data. This could influence the market's direction, potentially signaling bearish moves as we enter the new year. Despite hitting new highs, we keep our expectations in check, aiming to close near these top levels without breaking below the $17,075 support line.
Moving Forward:
While maintaining a bullish stance immediately, we are eyeing bearish positions for the upcoming quarter. Recent weak economic signals have painted a picture where Q1 could see a downturn. The PMI data will offer insights into the length of any bearish momentum.
Strategy Note:
As we transition into 2024, the plan is to monitor economic indicators closely, particularly the PMI. A weaker PMI could confirm the inclination to adopt bearish positions for Q1. The current market shows us teetering on the edge of a range, with $17,000 as our critical foothold.
