Futures Market Outlook: Navigating the Trading Landscape from November 27th to December 1st #shorts
1Greetings, traders! Welcome back to the Futures Market. We're back from Thanksgiving week, ready to tackle the last stretch of November. This week's economic calendar is packed with key events, including FED speeches, revised GDP data, PCE, and jobless claims. So, buckle up, because the markets are poised for some action.
The Nasdaq broke above 15975 last week, which was a significant psychological barrier. Suggesting that buyers are back in control and that the Nasdaq could continue its upward trajectory. However, it's important to note that the Nasdaq is entering a liquidity zone between 15919 and 15365. This means that there could be some selling pressure as traders take profits off the table. If the Nasdaq breaks below 15700, it will likely retest the 15400 support level.
The ES is also showing signs of strength, pushing toward the top of its liquidity zone between 4493 and 4572. This liquidity zone is a magnet for price, so it's likely that the ES will face some resistance around 4572. Alternatively, the ES could retest its recent high around 4626. In either case, the ES is likely to pull back to retest 4538 support.
The dollar index is currently hovering near the liquidity zone between 103.42 and 102.19. This means that the dollar could bounce from 103.42, which is a support level, and retest the lower bound of the liquidity zone at 105.86 - 104.62.
That's it for this week's Futures Market. Thanks for watching, and I will see you next week.
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