Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bear trend bar with a small tail on the top and reversing most of last week’s bullishness – a pair of bars like 11-4-2024 pair, a big bull trend bar followed by a big bear trend bar.
On the daily chart, the market is back below the daily exponential moving average (EMA).
The monthly bar is a doji bull bar with a bigger tail above. Next week is the last week of the month.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bear trend bar with almost no tails and mostly reversing last week’s bullish bar.
- It is the best bear bar since week of 11-11.
- Last week’s report had mentioned that bulls needed a good follow-through bar this week.
- The report also mentioned the bulls will likely not get it given we are high in a trading range.
- This week met that expectation.
- While bears have prevented a bull follow-through bar, what is not ideal for them is that this week is too big to be a good signal bar – it has a lot of body overlap with last week’s bar, and there is not much room to the EMA.
- So a bear selling below this week’s low is taking big risk.
- If bulls can have a good bull buy signal bar next week, we may repeat what happened in early November.
- What is better for the bulls is to have a good buy signal bar at the EMA.
The Daily NASDAQ chart
- This was a short trading week as Monday was a trading holiday.
- Last week’s report said that Tuesday is less likely to be a good bull bar, because traders will expect the trading range behavior to continue and sell high in the training range. Tuesday met that expectation.
- The market continued what looked like a bull leg in trading range from last week with doji bars on Tuesday and Wednesday.
- Thursday was a bad bear reversal bar with a tail below. Friday went above Thursday and closed down as a big outside down bear bar closing on its low below the EMA.
- Bears now need a good follow-through bar on Monday. Usually, big bars do not have good follow-through. So, it is more likely for Monday to be a doji or bull bar.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
