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Nasdaq 100 Continuation of Sideways Move

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Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is a doji bull bar with a longer tail above, signifying the continuation of sideways move.

The daily chart started with a big bull bar on Monday, then sideways to down for the rest of the week to the daily exponential moving average (EMA). This was a short trading week, with Thursday being a trading holiday.

The monthly bar is a bull bar with a prominent tail above. The Monday following next week is the last day of the month. As prior reports have said, this month is less likely to be a good follow-through bar and more likely to be a doji bar.

NASDAQ 100 Emini futures

The Weekly NASDAQ chart

Nasdaq Weekly Continuation of Sideways Move
  • The week is a doji bull bar with longer tail above.
  • The market triggered last week’s sell signal bar, but it did not become a good entry bar for the bears.
  • This is the first time the market has gone below the prior bar low since the 3rd week of April.
  • At the same time, bulls did not get a good bull bar.
  • Both bulls and bears are disappointed.
  • The risk/reward is good for the bears. If they sold anywhere near the highs of last few weeks, put a stop above the February or December high, they have at least a 50% chance of the market going to the EMA before their stop is hit.

The Daily NASDAQ chart

Nasdaq Daily Market reaches EMA
  • The daily chart started the week with a bull trend bar from close to the EMA.
  • The rest of the week looked like a leg in a trading range down to the daily EMA.
  • Tuesday is an inside bear bar, with bad follow-through on Wednesday – a doji bull bar.
  • Friday is a doji bear bar with prominent tails reaching the EMA.
  • Last week’s report also mentioned that the market got very close to the EMA last Friday and reversed up and that it was likely to get to the EMA. This week met that expectation.
  • The bull body gap from close of 5-19 is also still holding. At this point, the EMA has just crossed over the bull body gap.
  • Bulls have the opportunity for a good buy signal bar at the EMA to continue the move higher to the measured move targets, while keeping the bull body gap open.
  • Bears want to continue the sideways to down move such that they can close the bull body gap.

Market analysis reports archive

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

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