There are questions I have for you:
Do you think this is an appropriate area to be buying?
What are the fundamental impacts that would decrease Nasdaq?
Personally I wouldn't be entering any new positions - I feel from now and Jan there will be traders, investors taking profit book squaring. We've had a great run but it doesn't mean you just rush in unless you're a scalper and it really does depend on your trade plan.
12900 Is a nice profit take area zone - I would be looking for a pull back towards 50 & 200 those are nice support areas and see how that area reacts. Keep in mind the bigger formation as well as support areas. It will be good to see how price reacts.
Fundamentally however, my new on Nasdaq don't forget these thing I will be mentioning to you for 2021 (I will do a video and go more in depth in this) :
- Biden coming in - Tech war?
- China and USA trade war tension
- Vaccine coming in FDA approved - if all goes well - Will we be seeing Netflix and other FAANG Stocks continue to grind higher?
This is a medium term view - I have already started trading profits meaning I feel this will happen to currencies as well, weakest month for dxy is December and strongest is Jan. Let's see if that plays out..! With most markets we are at a very interesting areas for sure but I think it's time to not chase think of your risk/reward and we on last week of full volts - Think about your position sizing.
Key tip: Trust your trade plan.
All the best,