Market Overview: NASDAQ 100 E-mini Futures
The NASDAQ E-mini futures week is a bear doji week after six bull weeks. It is the first pause in the bull micro-channel since early April.
The daily chart has started to get bear bars or doji bars every couple of bull bars, but buyers are buying the bear bars. There are no follow-through bear bars yet.
The monthly bar so far is a follow-through bull trend bar to the biggest bull trend bar possibly ever, with a prominent tail above. There are still over two weeks left in the month. Bears want to add as big a tail as possible at the top, but just like buyers on the daily chart, bulls will buy bear bars on the weekly chart as well. So, if next week is a bear bar, the week after next will likely be a bull bar.
It was unlikely for this month to be a good follow-through to last month, but so far the bulls have done their part. If this month is a good follow-through month, then there should be a second leg up.
NASDAQ 100 E-mini futures
The Weekly NASDAQ chart
- The week is a doji bear bar after six strong bull trend bars.
- It is the first pause in the bull micro-channel that started in early April.
- One of the bull targets mentioned in prior reports is the measured move (MM) of the bodies of the bar breaking out of the EMA and the follow-through bar, which is at 29900.50.
- The market is already close to this MM.
The Daily NASDAQ chart
- The daily chart is sideways this week, as the weekly doji bar indicates.
- Bears are starting to get a bear bar or doji bar after a couple of bull days, but bears are still unable to get follow-through bear bars.
- Monday is a smaller bull bar, followed by a bigger bear bar with a long tail below.
- Wednesday and Thursday are a pair of bull bars with a new all-time high close on Thursday.
- Friday is a much bigger bear bar, again closing near its low.
- This is the first week when selling above a bear bar or selling big bull bars, and scaling higher, bears made money.
- For example, selling the big bull bar of last Friday, bears made money on Tuesday. Similarly, selling above the Tuesday bear bar, bears made money on Friday.
- The next goal for bears is to get consecutive bear bars.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
