On the daily chart, this week could have been the third leg of the spike up in early May. Its not clear at this point if this week is a channel and spike \u2013 where the last leg of a channel is a strong spike\/climax or if it\u2019s a new spike that should have a channel phase of its own. <\/p>\n\n\n\n
So far, the month is a big bull bar. The problem for the bulls is going to be the same problem the bears had last month \u2013 There are two more weeks left in the month and the monthly bar is big. So, it is likely that at least one of the two remaining weeks will be a doji\/bear bar.<\/p>\n\n\n\n
NASDAQ 100 Emini futures<\/h2>\n\n\n\nThe Weekly<\/em> NASDAQ chart<\/h3>\n\n\n\n![\"Nasdaq](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/NASDAQ-Weekly-close-above-March-high-close-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The week is a bull trend bar with a bigger tail on top than the bottom.<\/li>\n\n\n\n
- The week closed above the March high close and is a new all-time high close.<\/li>\n\n\n\n
- Bulls need the next couple of weeks to be good bull follow-through bars to convince traders the market is breaking out of the trading range from March.<\/li>\n\n\n\n
- Last week\u2019s report<\/a> had mentioned that this week might start a pullback, which means the low of this week is below last week\u2019s low.<\/li>\n\n\n\n
- Instead, this week\u2019s low is higher than last week\u2019s low which creates a 3-bar bull micro-channel.<\/li>\n\n\n\n
- The bull micro-channel means market will likely come back to this week\u2019s close, even if it pulls back from here.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> NASDAQ chart<\/h3>\n\n\n\n![\"Nasdaq](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/NASDAQ-Daily-channel-and-spike-or-new-spike-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- Monday was an inside day. Tuesday was an outside up bar and Wednesday was a strong bull trend bar that made the market go to a new all-time high close.<\/li>\n\n\n\n
- Thursday was a bear reversal bar, and Friday triggered the reversal bar and closed just above Thursday\u2019s low.<\/li>\n\n\n\n
- Wednesday closed above the high close from March. Bulls needed Thursday as a follow-through bar.<\/li>\n\n\n\n
- Instead, Thursday was a bear reversal bar, although bears are also disappointed by Friday\u2019s bar which triggered the reversal bar but closed as a doji.<\/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<\/div>\n\n\n\n
- \n
- The week is a bull trend bar with a bigger tail on top than the bottom.<\/li>\n\n\n\n
- The week closed above the March high close and is a new all-time high close.<\/li>\n\n\n\n
- Bulls need the next couple of weeks to be good bull follow-through bars to convince traders the market is breaking out of the trading range from March.<\/li>\n\n\n\n
- Last week\u2019s report<\/a> had mentioned that this week might start a pullback, which means the low of this week is below last week\u2019s low.<\/li>\n\n\n\n
- Instead, this week\u2019s low is higher than last week\u2019s low which creates a 3-bar bull micro-channel.<\/li>\n\n\n\n
- The bull micro-channel means market will likely come back to this week\u2019s close, even if it pulls back from here.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> NASDAQ chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- Monday was an inside day. Tuesday was an outside up bar and Wednesday was a strong bull trend bar that made the market go to a new all-time high close.<\/li>\n\n\n\n
- Thursday was a bear reversal bar, and Friday triggered the reversal bar and closed just above Thursday\u2019s low.<\/li>\n\n\n\n
- Wednesday closed above the high close from March. Bulls needed Thursday as a follow-through bar.<\/li>\n\n\n\n
- Instead, Thursday was a bear reversal bar, although bears are also disappointed by Friday\u2019s bar which triggered the reversal bar but closed as a doji.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n