SHORT WEEK CAHOS | TECHNICAL ANALYSIS OF FUTURES | 20 - 24th Nov 23 #shorts #futures
0Welcome back, traders!
Due to Thanksgiving, the market will be open for a shortened week of four trading days. With minimal economic news and reduced trading volume, expect volatile price action.
The NASDAQ chart shows the bullish trend since mid-October. The price has been making higher highs and higher lows. The liquidity zone at 15,919-15,365 is acting as a support level, and the next resistance level is at 16400.
Looking at the rejection from the 16042 level suggests that the NQ is overbought and may be due for a pullback. However, the overall trend is bullish which means it could move sideways for at least a week.
The ES is currently trading in a liquidity zone between 4493 and 4572. This represents a previous area of support and resistance. If bulls can break through the top of the zone, ES could rally to the next liquidity zone at 4670-4740. However, if bears can push ES below the bottom of the zone, it could fall to the next liquidity zone at 4304-4249. Overall, the technical outlook for ES is mixed and indicates a potential sideways move.
The US Dollar Index is currently trading in a downtrend. The technical outlook for DXY is bearish. Bulls will need to push the price above the 50-day MA at 107.29 to reverse the downtrend. Bears will have the upper hand if DXY falls below the 104.62 support level.
That's a wrap for this video! Thank you for watching, and I'll see you next week.
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