On the daily chart, the bull channel phase above the exponential moving average (EMA) is weakening, with doji bars and bars with big tails.<\/p>\n\n\n\n
The month is a doji bull bar with a close around last month high. The high of this month is around the midpoint of the upper tail of July.<\/p>\n\n\n\n
Next week is the last week of the month. It is likely next week is also a doji\/inside bar as the market may be waiting for the election results early next month to make the next move.<\/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\/10\/NASDAQ-Weekly-End-of-Weak-Third-Leg-up-From-8-5-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The week is a doji outside bar.<\/li>\n\n\n\n
- Last week\u2019s report<\/a> had mentioned that this week would likely pullback below last week\u2019s low, signifying the end of another leg. This week met that expectation.<\/li>\n\n\n\n
- It pulled back below the low of last week, then broke out above the high of last week and ended the week with a close around the open.<\/li>\n\n\n\n
- As mentioned above, the market is likely in breakout mode, possibly waiting for election results to decide next move up or down.<\/li>\n\n\n\n
- It is not yet clear if the market has had a 2nd<\/sup> leg move down corresponding to the big move down in July. So far it looks like the two bear bars in late August is the 2nd<\/sup> leg down, but if there are big bear bars in the next few weeks, which takes us back towards the early August lows, that would be the 2nd<\/sup> leg down after a wedge pullback.<\/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\/10\/NASDAQ-Daily-Bull-Channel-Weakening-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The bull channel above the EMA is weakening, with mostly doji bars or bars with tails, and a bear trend bar close just below EMA.<\/li>\n\n\n\n
- Last week\u2019s report<\/a> had mentioned that the early part of this week will likely trigger the Friday inside bar and repeat something like last week where the middle-2nd<\/sup> half of the week is a leg down.<\/li>\n\n\n\n
- This week met that expectation. Monday and Tuesday were doji bars that triggered Friday\u2019s inside bar representing a 2nd<\/sup> leg up from the 1st<\/sup> leg late last week.<\/li>\n\n\n\n
- Wednesday was a bear trend bar with a tail below, closing below the EMA for the first time in 30 days. Thursday was a bull inside bar back again above the EMA, signifying the start of another leg up. Friday was a big bull bar at one point going above last week high, but then closed with a big tail above.<\/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 doji outside bar.<\/li>\n\n\n\n
- Last week\u2019s report<\/a> had mentioned that this week would likely pullback below last week\u2019s low, signifying the end of another leg. This week met that expectation.<\/li>\n\n\n\n
- It pulled back below the low of last week, then broke out above the high of last week and ended the week with a close around the open.<\/li>\n\n\n\n
- As mentioned above, the market is likely in breakout mode, possibly waiting for election results to decide next move up or down.<\/li>\n\n\n\n
- It is not yet clear if the market has had a 2nd<\/sup> leg move down corresponding to the big move down in July. So far it looks like the two bear bars in late August is the 2nd<\/sup> leg down, but if there are big bear bars in the next few weeks, which takes us back towards the early August lows, that would be the 2nd<\/sup> leg down after a wedge pullback.<\/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
- The bull channel above the EMA is weakening, with mostly doji bars or bars with tails, and a bear trend bar close just below EMA.<\/li>\n\n\n\n
- Last week\u2019s report<\/a> had mentioned that the early part of this week will likely trigger the Friday inside bar and repeat something like last week where the middle-2nd<\/sup> half of the week is a leg down.<\/li>\n\n\n\n
- This week met that expectation. Monday and Tuesday were doji bars that triggered Friday\u2019s inside bar representing a 2nd<\/sup> leg up from the 1st<\/sup> leg late last week.<\/li>\n\n\n\n
- Wednesday was a bear trend bar with a tail below, closing below the EMA for the first time in 30 days. Thursday was a bull inside bar back again above the EMA, signifying the start of another leg up. Friday was a big bull bar at one point going above last week high, but then closed with a big tail above.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- This week met that expectation. Monday and Tuesday were doji bars that triggered Friday\u2019s inside bar representing a 2nd<\/sup> leg up from the 1st<\/sup> leg late last week.<\/li>\n\n\n\n