Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is a bull trend bar with small tails and a close below last week high. It represents the next leg up after 5-19.

The daily chart is up for the first 3 days and then sideways.

This is the first week of the month, so its too early to comment on anything meaningful other than what was talked in the prior report.

NASDAQ 100 Emini futures

The week is a non-climactic bull bar with small tails.
Bears wanted a bear bar to keep the sideways move going.
Bulls wanted a bull bar closing above the prior bar.
Bulls got their bull bar, although without a close above high of last week.
Now bulls need another follow-through bar next week, while bears want a good sell signal bar.

The daily chart started the week with a leg up for the first three days followed by sideways.
Monday is a bull trend bar closing just above the resistance of the highest close from past two weeks. This is one of those moments when bulls need another good bull follow-through bar, and bears are betting that the sideways move will continue.
Bulls get their bull follow-through bar on Tuesday and Wednesday, although the Wednesday bull bar is much smaller. This now creates a bull body-gap with the high close from two weeks ago.
Thursday is an outside down bar touching the breakout point, and Friday is a bull bar reversing up from the breakout point.
The two bull measured move targets shown on the chart from prior reports are still in play.
Bears would like to close the body gap, and visit the daily EMA.

You can access all weekend reports on the Market Analysis page.