Nasdaq Long
Memory updated
Technical Analysis:
The market is currently trading within an ascending channel, characterized by two distinct touches on both the upper resistance and lower support levels. We recently observed a bullish rebound from the 0.236 Fibonacci retracement level, where sell pressure was rejected, allowing buyers to take control. Given this setup, there is a strong likelihood that the market will test the resistance level for a third time, with potential new highs projected between 20,500 and 20,800.
Fundamental Analysis:
As we enter the fourth quarter, seasonal consumer behavior, particularly driven by the upcoming festive period, is expected to influence the markets. With an uptick in consumer spending, many companies are likely to see a boost in sales, providing a positive backdrop for continued bullish momentum. Another catalyst for this period is yet to emerge but may further support the bullish outlook as we progress through Q4.
Current Position:
I am currently holding a long position, having identified 19,915 as a key resistance level that has recently been breached. The daily candlestick closed firmly above this level, indicating potential support for the continuation of the bullish trend. This breakout reinforces the case for upward momentum in the near term.
