Market Overview: NASDAQ 100 E-mini Futures
The NASDAQ E-mini futures week is a Low 2 sell signal around all-time high close.
The daily chart had bear days every day of the week and closed the week back below the daily exponential moving average (EMA). This week was mostly down and sideways below the EMA.
The monthly bar is a bigger bear bar with a tail below. There are two more days in the month. Bears want to close the month at its low, while bulls want to add as big a tail as possible.
This will also mark the end of the quarter, so the last trading day of the month can have surprise moves as traders also try to shape the quarterly bar. As it stands, the quarterly bar is a big bull bar with a prominent tail above.
As prior reports have mentioned, it is unlikely for the next quarter to be a good follow-through bar. It is most likely that next quarter is an inside bar, or a bar with a tail on top that triggers the current quarter high and pulls back.
NASDAQ 100 E-mini futures
The Weekly NASDAQ chart
- The week is a Low 2 sell signal bar around the all-time high close. It’s a bad sell signal bar in that it follows a bull bar, which marks the high.
- Last week’s report mentioned that bulls needed a good bull bar with a new all-time high close.
- Bears needed to avoid that – Bears got that with a good bear trend bar.
- The higher timeframes dictated more sideways to down than straight up.
- The market will likely go sideways to down to the EMA, which is also where the close of April/open of May is.
The Daily NASDAQ chart
- The prior week’s report had said there are not likely buyers above last Thursday, and buyers will wait till the market has tested the EMA.
- Last Friday was a trading holiday, so Monday was the first trading day after last Thursday.
- Monday went above Thursday, but the day ended as a doji sell signal bar.
- Tuesday is a big bear bar closing below the EMA, followed by a smaller bear bar on Wednesday with prominent tails closing just below Tuesday’s close.
- Thursday gapped above the EMA but closed below it as a bear bar with prominent tails. Friday is another bear bar, closing near the lows of Tuesday and Wednesday.
- While the bears did their job of avoiding bull bars and staying below the EMA, the market has been more sideways than down since Wednesday.
- Now, bears need a good follow-through bar on Monday with a close far below the close of Friday. That will be the first time in the move down since early February that bears would have 3 CC bear non-doji bars.
- The chart also shows the support area of the close of April and the open of May, which is also around the weekly EMA.
- The market has also held the downward channel drawn last week, so it will be worth watching if the market makes the low of that channel, which is also around the weekly EMA.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
