Nasdaq 100 Bull Bar with Big Tails at EMA

Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is a bull bar with big tails at EMA – exponential moving average.

On the daily chart, the market continues to be in a trading range around the daily and weekly EMA.

The monthly bar so far is an inside bar with tails. It is likely that by the time the market closes, that will not be the case – the market will trigger the last month low or high or both.

NASDAQ 100 Emini futures

The Weekly NASDAQ chart

• The week is a bull bar with big tails at the EMA.
• The week opened at the EMA around the middle of the big tail at the bottom of last week’s bar.
• During the week it went just above last week’s high and reversed.
• Bulls had an opportunity to create a non-climactic buy signal bar at the EMA.
• Big bars with tails is classic sign of trading range.
• Other than week of 1-21 when a bull bar closed above prior signal bar, bulls are unable to close above prior bars. At some point soon, bulls may give up and wait to buy lower.

The Daily NASDAQ chart

• In the past two weeks, the market has had two pushes down and two pushes up, and still not gone far from where it started. This is another sign of a trading range.
• The market gapped down on Monday and opened at the weekly EMA. It ended the day up as a bull bar with tails. Tuesday is a doji bull bar with a long tail below, closing above Monday’s high and above daily EMA.
• Wednesday and Thursday are bull closes as well. At this point, there is a bull micro-channel with four consecutive bull closes and each bar’s low is higher than the prior low.
• Friday is an outside down day closing just below the daily EMA.

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