Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a doji bull bar with a longer tail below, a prominent tail above and a small bull body. It is a doji follow-through to breakout of all-time high last week.
On the daily chart, the market had three bear bars out of the 5 days. Bears are starting to create some selling pressure.
If the month closes around this level or a little higher, it will a non-climactic bull follow-through to last month.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a doji follow-through to the bull trend bar of 12-2.
- Last week is a good breakout attempt over the prior high and closed far above prior high. Bulls needed a good follow-through bar.
- They did the minimum of a doji bar closing at a new all-time high close.
- Bears would like a strong sell signal bar to signify another breakout failure of the all-time high.
- This week is a 3 bar micro-channel where the low of the bar is above the low of the prior bar, which makes it likely that there will be a close higher than this week’s close even if there is a pullback.
The Daily NASDAQ chart
- Last Friday was an outside up bar and likely the start of next leg up, after several days of first leg up.
- Last week’s report had said that it was more probable for the early part of this week to be bull days – given last Thursday was a sell-signal bar that triggered and was stopped out by Friday’s outside up bar.
- Instead, Monday is a bear trend bar mostly reversing Friday and Tuesday is a bear doji follow-through.
- Wednesday is a big bull trend bar, with a bad follow-through bear inside bar on Thursday.
- Friday is a bull doji bar with a tail above.
- This week represents the 2nd and 3rd push up.
- If Monday is a good bear bar, it can start a couple of legs sideways to down.
- The measured move (MM) target shown from the breakout of the EMA in early November is still in play.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
