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Nasdaq 100 Stuck Between a Rock and Hard Place?

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Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is a doji bear bar at the EMA – exponential moving average. Coming weeks will show whether it is like being stuck between a rock and hard place – the weekly and monthly EMAs.

The weekly and monthly EMA are flat, and the range between them is not big enough for swings between them. So very likely, the swings will be around the two EMAs.

The daily chart was sideways over the week – a couple of bear days to start the week, followed by a couple of bull days and ending with a doji day on Friday.

NASDAQ 100 Emini futures

The Weekly NASDAQ chart

Nasdaq Weekly Stuck Between a Rock and Hard Place
  • The week is a bear doji bar at the EMA.
  • Last week’s report mentioned that bulls need another good bull bar this week that takes the market sufficiently above the weekly EMA.
  • This week has been disappointing for both bulls and bears. Bulls did not get the bull bar they needed to take the market above the EMA, and bears did not get a good sell signal bar at the EMA.
  • Bulls will try again for a bull bar next week that goes sufficiently above the EMA, while bears will try for a bear bar or another doji.
  • Prior reports have made the case for the market to revisit the tail of April month over May and June.
  • Bears need to produce good bear bars over the next several weeks if that has to happen.

The Daily NASDAQ chart

Nasdaq Daily Sideways move Weekly EMA
  • The daily chart started with a couple of bear days, followed by a couple of bull days, and ended with a doji bar near the open of the week.
  • Last week, the market stayed above the daily EMA to move over the monthly EMA, and end at the weekly EMA.
  • While the move up over the last two weeks has enough bars with tails, or doji bars, there were no good bear bars until this week.
  • The daily EMA is catching up to the monthly EMA again.
  • Over the last two weeks, the market has moved up in three legs, and is sideways this week. The market is trying to decide how to handle the various EMAs, which have flattened.

Market analysis reports archive

You can access all weekend reports on the Market Analysis page.

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