Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bear bar with prominent tails. It is a bad follow-through to bull breakout of 5-12.
The daily chart is sideways to down all week.
The monthly chart is a bull trend bar breaking out above the monthly EMA, and the prior April month, but with a prominent tail above. Next week is the last week of the month.
Last week’s report said that it was less likely that this week and next would both be bull trend bars. What was more likely is that the rest of the month is sideways – so some combination of down followed by up/or doji, and bear bars.
This week is down, so bulls would like next week to be a bull bar so they can close the month at its high. Bears want the opposite – they want next week to be another bear bar so that they can add as much a tail at the top of the monthly bar.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bear bar with prominent tails.
- Bulls needed a good follow-through bar this week as a follow-through to last week’s bull breakout bar, and to confirm that the bear body gap with close of 1-6-25 is indeed closed.
- Bears wanted a small doji bar for a chance to go sideways or a good sell signal bar.
- Well, the bears got something in between.
- The bull breakout last week is strong enough that there are likely buyers below at the weekly EMA, the monthly EMA, and last month’s close.
- Those are all the places that traders expected to be resistance, so there are traders trapped at those levels.
The Daily NASDAQ chart
- The daily chart is sideways to down all week with tails on bars.
- Monday is a bull outside bar. Tuesday is a doji bear bar, followed by a good bear bar on Wednesday.
- Thursday is a doji pause bar, and Friday is a bigger bear bar with a prominent tail below.
- The bull breakout last week on 5-12 and good follow-through broke out above the weekly EMA, and above the high close of 3-25, creating a bull body gap. This has made a couple of bull targets possible –
- One is the measured move (MM) of the bodies of the 5-12 and 5-13 bars at 22157.5, assuming a stop below the low of the 5-12 bar.
- The other is the measured move of the high close of 3-25 with the low close of 4-21, assuming the bull body gap with 3-25 remains open. This would be a new all-time high at 23042.25.
- Both these targets are shown on the chart.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
