Market Overview: NASDAQ 100 E-mini Futures
The NASDAQ E-mini futures week is a buy signal at weekly EMA – exponential moving average.
The weekly and daily chart is at the apex of a triangle in a continued sideways breakout mode pattern. The weekly chart finally has a reasonable buy signal at the weekly EMA.
The monthly chart is still a doji bull inside bar. There is one more week left in the month. Bulls want to close the month with a good bull body, while bears want a doji close to keep the chance of a leg down towards the monthly EMA.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull bar with prominent tails at the weekly EMA.
- Previous reports have said that bulls need to create a good buy signal bar at the EMA. They finally have a reasonable buy signal bar.
- Next, they need a good entry bar.
- This week has a longer tail at the bottom. Can next week have a big tail at the top, esp. if it reaches the highest close from end of October, and finds sellers?
- If that happens, it’s likely the sideways move continues, and then bears will try to break below the EMA.
- If next week is a good entry bar, then bulls will likely buy for a leg up.
The Daily NASDAQ chart
- The daily chart continues the sideways move around the daily and weekly EMA.
- This is a short trading week as Monday is a trading holiday. Tuesday broke below the daily EMA and closed far enough below EMA, and at the weekly EMA.
- The close of Tuesday was close to the 12-17 close. Since the market had reversed sharply from the 12-17 close, and the market was also at the weekly EMA again, there was likely to be a bounce.
- Wednesday is a big bull reversal bar, reversing Tuesday’s bear bar and closing just below the EMA.
- It was likely that there were sellers at Wednesday’s close, given the big down, big up.
- Instead, Thursday and Friday are small bull bars trying to get back above the EMA.
- Friday closed above the EMA, but has a prominent tail above, so it’s likely there will be a leg down early next week.
- There will also likely be a second leg up, given the surprise bull bars on Thursday and Friday.
- In other words, the sideways move will likely continue till one side gets strong consecutive bars.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
