Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a good bull reversal bar and a bad follow-through to big bear bar of 11-11.
On the daily chart, the market went sideways to up all week to get back above the exponential moving average (EMA).
The monthly bar is now a bull bar with a prominent tail above. Next week is the last week of the month and a short trading week. Bulls want next week to be a bull bar so the month can close on its high. Bears want next week to be a bear bar so they can end the month as a doji.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull reversal trend bar with a small tail below.
- It can be looked as the first attempt to resume the trend after a breakout attempt 2 weeks ago, and a all-time high last week before the big bear bar.
- It is a bad follow-through to the big bear bar last week, and signifies that bears are not looking to sell below bars.
- While bulls have done their part in avoiding a bear follow-through bar this week, the bull reversal bar is in the middle of big bars of the past two weeks.
- If bulls are buying with a stop above, they want to buy lower in the range, like at the EMA.
The Daily NASDAQ chart
- Bulls have defended the low of the bull breakout bar of 11-6 so far, so the measured move (MM) target shown in the chart above is still in play.
- Most of the bars this week have tails below showing that bulls are buying lower to prevent a 2nd leg down corresponding to the big leg down last week.
- The market is also back above the EMA.
- The market also reached the low of the 11-7 bull bar on Thursday, and did not sell-off much. Last week’s report had mentioned that there were likely limit order buyers below 11-7 that were trapped with the big bear bar last week.
- Monday is a bull inside bar with a tail above showing right away that it was a bad follow-through to the big bear bar of last Friday. Tuesday sold off at the beginning of the day but then reversed to close as an outside up bar.
- This could be interpreted as the extent of the 2nd leg down for the time being corresponding to the big leg down last week.
- Wednesday is a doji bear bar with a high above Tuesday and a longer tail below. Thursday is a doji bull bar with a high above Wednesday and another longer tail below.
- Tuesday through Thursday represents a leg up. Friday is an inside bull buy signal bar likely representing start of next leg up. If Monday triggers the Friday bull bar and closes as a bear bar, Friday would represent a one bar 2nd leg up.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
