Market Overview: NASDAQ 100 E-mini Futures
The NASDAQ E-mini futures week is a small bull entry to 6-8 High 1 bull bar, with prominent tails.
The daily chart ended last week with close back above the daily exponential moving average (EMA). This week was mostly up and sideways above the EMA.
The market is back around the prior all-time high close from May. There is a little under 1.5 weeks left in the month. The market will likely close around the May close and not have a big bull body.
NASDAQ 100 E-mini futures
The Weekly NASDAQ chart
- The week is an entry to the new High 1 (H1) bull reversal bar of 6-8.
- Last week’s report mentioned that bulls would like this week to be a new all-time high close, while bears want the opposite.
- Well, the week closed just above the prior all-time high close on Thursday, and closed a little below it after the short Friday session.
- Either way, now next week is again important – bulls need a good bull follow-through trend bar, while bears want a doji bar at the minimum to keep alive the possibility of sideways to down move.
- The higher timeframes dictate more sideways to down than straight up.
The Daily NASDAQ chart
- The prior week’s report had said there are likely buyers above last Friday.
- Monday gapped up and is a big bull bar closing above the big bear bar from 6-5 that started the down move of a couple of weeks ago.
- It was likely there were sellers here – there are usually sellers above a big bear bar. Tuesday and Wednesday are bear bars, taking the market back near the level of last Friday.
- The leg up on Monday was likely to have a second leg, and buyers who could not buy near the last Friday high/close, because of the gap up on Monday, now had a second chance to buy for at least a small second leg up. Thursday is a bull bar representing the start of that 2nd leg.
- Wednesday came very close to the EMA on the way down, but did not touch it. After the market crosses the EMA, if it makes a move towards the EMA, it is likely for the market to touch the EMA before making a meaningful move.
- All this to say that there are likely fewer buyers above Thursday, and buyers will wait till the market has tested the EMA. The other reason is also that Wednesday is a bear buy signal, so likely will not go much higher.
- Of course, if the market gets a couple of bull trend bars above Thursday, then bulls will jump in knowing they can buy more at the first reversal.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
