Daily Overview: Nasdaq NQ Futures 12/29/2023
Market Recap:
The Nasdaq futures faced a downturn after the Chicago PMI reported a lower-than-expected figure of 46.9. This negative data spurred selling, pushing prices toward the $17,000 support level. Despite the drop, the market achieved a new 52-week high and formed a bearish trendline.
Market Outlook:
The focus now shifts to the upcoming S&P Global US Manufacturing PMI and Construction Spending data. The range of $17,000 to $17,150 is crucial. If upcoming PMI data is weaker than anticipated, we could see further bearish momentum, possibly breaking below today's low of $16,938.25.
Moving Forward:
Entering 2024, the strategy is to look for bearish opportunities, especially if prices climb above $17,100, which could be a critical shorting opportunity. Recent economic indicators suggest a potential bearish trend early in the year.
Strategy Note:
As we start the new year, monitoring economic indicators, primarily the PMI data, will be vital. A weak PMI could strengthen our bearish stance for the first quarter 2024. Flexibility in response to market changes will be critical in our strategy.
The Nasdaq futures faced a downturn after the Chicago PMI reported a lower-than-expected figure of 46.9. This negative data spurred selling, pushing prices toward the $17,000 support level. Despite the drop, the market achieved a new 52-week high and formed a bearish trendline.
Market Outlook:
The focus now shifts to the upcoming S&P Global US Manufacturing PMI and Construction Spending data. The range of $17,000 to $17,150 is crucial. If upcoming PMI data is weaker than anticipated, we could see further bearish momentum, possibly breaking below today's low of $16,938.25.
Moving Forward:
Entering 2024, the strategy is to look for bearish opportunities, especially if prices climb above $17,100, which could be a critical shorting opportunity. Recent economic indicators suggest a potential bearish trend early in the year.
Strategy Note:
As we start the new year, monitoring economic indicators, primarily the PMI data, will be vital. A weak PMI could strengthen our bearish stance for the first quarter 2024. Flexibility in response to market changes will be critical in our strategy.
