The week closed as bull doji reversal bar at the weekly exponential moving average (EMA), with tails above and below and close above the EMA.<\/p>\n\n\n\n
NASDAQ 100 Emini futures<\/h2>\n\n\n\nThe Monthly<\/em> NASDAQ chart<\/h3>\n\n\n\n![\"Nasdaq](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Monthly-bear-trend-bar-closing-above-august-low-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The September month bar is a bear trend bar with a small tail below.<\/li>\n\n\n\n
- The month pulled back below the August low and closed above the August low.<\/li>\n\n\n\n
- This was expected as August was a bad bear bar \u2013 with a long tail below.<\/li>\n\n\n\n
- At the same time, the September month did close below July low.<\/li>\n\n\n\n
- Bulls want the next month to be a strong bull bar that marks the start of the next leg.<\/li>\n\n\n\n
- Bears need a strong follow-through bar with a close below September.<\/li>\n\n\n\n
- Likely the month will be something in between \u2013 a doji bar with tails and a close above September low.<\/li>\n\n\n\n
- The next target for the bulls is a close above the July close.<\/li>\n\n\n\n
- Bears would like a close below the prior month. They would also like to reach the May close.<\/li>\n\n\n\n
- It is likely there were sellers at the May close betting on a failed breakout.<\/li>\n\n\n\n
- If the market does get to the May close, it should find support.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> NASDAQ chart<\/h3>\n\n\n\n![\"\"](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/NASDAQ-Weekly-first-touch-of-ema-since-March-2-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The week is a bull doji reversal bar with tails at the EMA.<\/li>\n\n\n\n
- This is the first time the market has touched the EMA since early March.<\/li>\n\n\n\n
- As mentioned in last week\u2019s report<\/a>, bears needed a follow-through bar to last week to convince sellers of more down.<\/li>\n\n\n\n
- This was less likely since the weekly EMA should act as temporary support.<\/li>\n\n\n\n
- At the same time, bulls failed in creating a strong bull reversal bar.<\/li>\n\n\n\n
- This week allowed buyers below the strong bull bar of 8\/28 to get out breakeven.<\/li>\n\n\n\n
- If buyers bought more this week below the low of the 1st<\/sup> strong leg down , they were able to scalp.<\/li>\n\n\n\n
- Given the strong bear bar last week, it is likely there is another leg down, even if for one bear bar.<\/li>\n\n\n\n
- As mentioned in prior reports, the pullback from 8\/21-9\/11 looked like a wedge bear flag, which usually needs two legs of correction.<\/li>\n\n\n\n
- There are likely sellers higher \u2013 close of the inside bear bar of 9\/4, which usually doesn\u2019t breakout.<\/li>\n\n\n\n
- There may have been buyers buying that inside bear bar after the strong bull bar of 8\/28 expecting another leg up.\u00a0<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- The September month bar is a bear trend bar with a small tail below.<\/li>\n\n\n\n
- The month pulled back below the August low and closed above the August low.<\/li>\n\n\n\n
- This was expected as August was a bad bear bar \u2013 with a long tail below.<\/li>\n\n\n\n
- At the same time, the September month did close below July low.<\/li>\n\n\n\n
- Bulls want the next month to be a strong bull bar that marks the start of the next leg.<\/li>\n\n\n\n
- Bears need a strong follow-through bar with a close below September.<\/li>\n\n\n\n
- Likely the month will be something in between \u2013 a doji bar with tails and a close above September low.<\/li>\n\n\n\n
- The next target for the bulls is a close above the July close.<\/li>\n\n\n\n
- Bears would like a close below the prior month. They would also like to reach the May close.<\/li>\n\n\n\n
- It is likely there were sellers at the May close betting on a failed breakout.<\/li>\n\n\n\n
- If the market does get to the May close, it should find support.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> NASDAQ chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- The week is a bull doji reversal bar with tails at the EMA.<\/li>\n\n\n\n
- This is the first time the market has touched the EMA since early March.<\/li>\n\n\n\n
- As mentioned in last week\u2019s report<\/a>, bears needed a follow-through bar to last week to convince sellers of more down.<\/li>\n\n\n\n
- This was less likely since the weekly EMA should act as temporary support.<\/li>\n\n\n\n
- At the same time, bulls failed in creating a strong bull reversal bar.<\/li>\n\n\n\n
- This week allowed buyers below the strong bull bar of 8\/28 to get out breakeven.<\/li>\n\n\n\n
- If buyers bought more this week below the low of the 1st<\/sup> strong leg down , they were able to scalp.<\/li>\n\n\n\n
- Given the strong bear bar last week, it is likely there is another leg down, even if for one bear bar.<\/li>\n\n\n\n
- As mentioned in prior reports, the pullback from 8\/21-9\/11 looked like a wedge bear flag, which usually needs two legs of correction.<\/li>\n\n\n\n
- There are likely sellers higher \u2013 close of the inside bear bar of 9\/4, which usually doesn\u2019t breakout.<\/li>\n\n\n\n
- There may have been buyers buying that inside bear bar after the strong bull bar of 8\/28 expecting another leg up.\u00a0<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n