Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures November monthly candlestick is a bull trend bar with a prominent tail above. November is new all-time high close of the year.
The week is a doji bull bar with a longer tail below. It is a short trading week. It went above the high of last week and then reversed and reversed yet again to close as a doji bar.
October was a weak sell signal bar and did not trigger.
The yearly bar is a bull trend bar with a small tail above. Earlier monthly reports have made the case for the yearly bar to be a bad entry bar. So far that is not the case. Bears have just the December month left to change the appearance of the yearly bar. They need the December month to be a big bear bar to add a tail to the top of the yearly bar. The challenge is that usually December is a bullish month.
If the year is a bull trend bar, is it likely for next year to be a bull trend bar as well without a tail below? It is less likely. Even if next year is a bull bar, there will likely be a tail below. So it is more likely for 1st half of next year to pullback, and then the market will decide how to end the year in the 2nd half.
NASDAQ 100 Emini futures
The Monthly NASDAQ chart
- The November month bar is a bull trend bar with a prominent tail above.
- The previous monthly report had said that the October sell signal bar should likely trigger. That did not happen.
- The market instead went above the July high and pulled back.
- The market has been in a trading range since July. The market is now near the high of the range. Bears are likely selling the high of July, expecting to make a scalp.
- Bulls need a series of bull bars closing above the July high to convince traders that a new leg up is starting.
- One of the bull targets is the Measured Move (MM) of the high close of 2021 and the low close of 2022. This is based on the fact that the body gap with the high close of 2021 is still open. This target is at 23513.
The Weekly NASDAQ chart
- The week is a doji bull bar with a longer tail below and a prominent tail above.
- Last week’s report had said that there would likely not be buyers above the high of last week, which was an inside buy signal bar in the middle of the range of the big bars of the two weeks prior to last week.
- As of Wednesday, this week was a bear bar with a tail below. Friday was a bull day to make the week close as a doji bull bar.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
The last bar might be the start of the 3rd push and might have a climax somewhere down the road
Hi Rajesh , Thanks for your regular analysis work. I follow your NQ analysis alongside the ES analysis and I also have both index futures up on the screen while trading.
Do you trade the NQ futures, and if yes, do you trade that independent of the ES Price Action ? Do you look for confirmation in one based on the other ?
Some days I find the PA on NQ more precise and some days the ES .
Hello Manoj, you are welcome. Most of my trading happens on weekly charts across stocks and not just the indices. That being said, I closely follow the ES price action as well.
I trade independent of other charts. If I were trading the NQ, I would only look at the NQ. Its too much information to look for confirmation even on multiple timeframes let alone other instruments. HTH.