Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a good follow-through to the bear bar of 10/16, with a tail above and a small tail below. On the daily chart, this week looks like a breakout below the trading range from June.
The monthly bar is now a bear bar with a close below the low of last month. Bulls would like to close above the low of last month, but there are only two more days left in the month. The low of last month at 14586 will be a magnet early next week.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is trend bear bar with a small tail below and a bigger tail above.
- It is a good follow-through bar to the bear bar of last week.
- The market is back below the exponential moving average (EMA). This is the first consecutive close below the EMA since December 2022.
- Bulls needed to create this week as a weaker bar to indicate that the leg down is a leg in trading range, and hence buyers below.
- Bulls would like this to be a bull wedge flag with this being the third push down.
- If so, they need a good bull reversal bar next week, and buying in the following weeks.
- Bears would like to see this as a breakout below the trading range of the past two months.
- As a result, bears would like another bear bar next week.
- At this point, bears are stronger – The bear legs have stronger bear bars than the bull legs.
- Even if bulls can produce bulls bars, there are likely sellers above.
- The market may have to go down to the monthly exponential moving average (EMA).
- Bears have also closed the bull body gap from March 2022 with two consecutive closes below it.
- There is now also a bear body gap with the close of 8/14 by having two consecutive closes below it the last two weeks.
The Daily NASDAQ chart
- Friday is a an inside bear doji bar.
- The market broke below the trading range from June on Wednesday with a follow-through bar Thursday.
- The minimum target of a Measured Move (MM) down below the trading range is the monthly EMA at around 13727.
- Last week’s report mentioned that last Friday was below the low of the big bull bar from 10/6, and there should likely be buyers early this week.
- Monday was a bull reversal bar with a tail above, and Tuesday was a bull follow-through bar, but with tails above and below.
- Wednesday and Thursday gapped down and were strong trend bear bars, breaking below the neckline of the trading range from June.
- This would have trapped any of the buyers from earlier in the week.
- As mentioned above, if the market does not reverse up here, the next support is the monthly EMA.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.