Market Overview: NASDAQ 100 Emini Futures
NASDAQ Emini futures market ended week with minimum follow-through bar to the outside bar last week. Closed as a doji bar with a long tail below, closing just below last week’s close.
The market has been essentially sideways for the past 5 weeks. There are still bull targets above, so likely the market will make those before a bigger pullback.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The market tried reversing from the outside bar of last week.
- While last week was a bull outside bar, it went below the prior week more than above the prior week.
- So, it was likely for the market to try and move lower this week.
- Bears who had sold in the lower half of last week sold the close of last week and were able to get out without a loss.
- That explains the tail below this week.
- So, now the question is – Will the market continue going sideways, or will it try to reach the targets above?
- The bulls did the minimum of having a bull close this week.
- This is the first consecutive bull close in the past 6 weeks.
- The next bull target is the close of Week of 8/8 at 13569.75 – the last bull bar of the micro channel up in August. That was a reasonable buy the close bar, and there are trapped bulls up there.
- The market is close enough to this target that it should reach it.
- There is also a body gap created by the week of 1/30 – There has not been a bear close after the market broke above the close of 1/30 that overlaps with the body of 1/30.
- If the market goes sideways for a few weeks, bears will try to get a leg down like they did at the end of the first leg up in early February.
- The first target for bears will be to close the body gap by going below close of 1/30 – 12613.25
The Daily NASDAQ chart
- Friday was a bull trend bar with a small tail at the top. It went a lot higher than Thursday but closed below the close of last week.
- After the strong move up last week, it was likely there would be a 2nd leg.
- The week started with two legs down to the high of the 4/25 bar from last week.
- This was the breakout point of last week, so likely trapped bears above the high of 4/25.
- This was tested on Thursday, and Friday gapped up and finished strongly.
- Is Friday the end of the 2nd leg?
- Bulls will need a good follow-through bar Monday. If not, the market will likely continue to go more sideways.
- When there is a bigger pullback, some of the possible targets and areas of support are shown in the chart.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.