Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a big outside down bear bar closing at weekly EMA – exponential moving average. The week has a bigger tail above and a prominent tail below.
On the daily chart, the market made the third push down of the move that started in mid-December. The market is now in a trading range between the daily and weekly EMA.
The monthly bar has triggered the December bad sell signal bar. The previous report had mentioned how the quarterly bar is a bad sell signal bar as well and will likely be triggered. This would be the low of October monthly bar at 20115.75.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a big outside down bear bar with a bigger tail above and a lower tail below, closing at EMA.
- It went above last week’s doji buy signal bar and then reversed to go below the prior week.
- This week’s bear bar is a surprise and has trapped buyers at last week’s close who expected a leg up in the trading range. So likely there are sellers around last week’s close, esp. if next week goes down more before letting them out.
- If bulls have a bull bar up next week, it will be a micro-Double Bottom with last week.
- Bears need a good entry bar, which is less likely since the market is at the EMA.
The Daily NASDAQ chart
- This is a short trading week, where Thursday is a trading holiday. The market is likely in the third leg down of the big move that started in mid-December.
- Over the last two weeks, the 2nd leg down is a bear micro-channel with high of every bar below high of prior bar, so it was likely to have another leg down. This week is the third leg down.
- The leg down this week is weaker than the prior legs – no consecutive bear trend bars.
- Monday is a bull trend bar with a big tail above closing above the EMA. Tuesday is a big bear reversal bar closing below the EMA.
- Wednesday is a doji bar representing bad follow-through to Tuesday’s big bear bar. Thursday is a trading holiday
- Friday is a big bear bar with a prominent tail below closing at the weekly EMA.
- Big bars usually have bad follow-through, and we are at major support – so likely Monday will be a doji bar or a bull bar.
- As mentioned in the weekly section, bulls want next week to be a buy signal bar at the weekly EMA.
- The market is also sufficiently below the daily EMA, that it will likely have to go sideways between the daily and weekly EMA.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
