Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a big bear reversal bar at monthly measured move bull target mentioned in prior reports.
The daily chart is alternating bull/bear bars for the week, except Friday, which is a big bear bar closing far below the daily exponential moving average (EMA).
The month is now a bear bar around the 1st bull target of the measured move of the December 2021 high and December 2022 low. Prior reports have mentioned some of the downside targets, and where buyers are likely to come in.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a strong outside down reversal bear bar. This is a surprise.
- Prior reports have mentioned that the week of 9-15 was a surprise bull follow-through bar to 9-8.
- The market is now in the area of close of 9-8. There should likely be buyers here.
- Bears need a good follow-through bar next week.
- If buyers do not show up next week, the next support is the weekly EMA.
- Prior reports have also mentioned how there is an increased chance of sideways to down on the weekly chart for this month, as the market reached the measured move target on the monthly chart.
- The tail above last week, and this week’s big bear bar could be the result of the above.
The Daily NASDAQ chart
- The daily chart started the week as alternating bull/bear bars and ended the week as a big bear bar falling far below EMA.
- This is the biggest bear bar since early April, and the market has fallen far below the EMA, so likely there will be a second leg down.
- Big bars usually have bad follow-through. So is Monday likely to be a good follow-through bar? Less likely.
- The market is close to the open bull body gap of 8-28 high close, so it should test it. Bears would like to close the gap by closing strongly below. Bulls want to keep the gap open.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
