Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is a big bull trend bar reversing 7-28 bear bar. It is the highest close of the year.

The daily chart found support at the trendline of the channel up.

Bulls continue to buy bear bars or bad bull bars since April.

NASDAQ 100 Emini futures

The week is the best-looking bull trend bar since week of 6-23. However, it is inside the bear bar of last week.
Bears needed a good entry bar to the big outside down bar last week, but the low of that bar did not even trigger.
Now, bulls need a good entry bar next week and a good follow-through the following week.
Bears will likely sell the high/close of next week, if next week is a bull bar, expecting the following week not to be another bull bar.
The market has had only small pullbacks since April.
As mentioned in prior reports, there are bull targets on the monthly chart above.

A pair of big bear bars ended last week. This is the first close below the daily exponential moving average (EMA) in a long time.
Also, the market reached the trendline of the channel shown in the chart.
The market found buyers as a result. Monday is a big bull reversal bar.
At the same time, the two bear bars of last week are big enough to have a 2^nd leg. It looks like Tuesday and the low of Wednesday is the extent of the 2^nd leg for now, as Wednesday reversed up as an outside up bar. (It’s never clear till later if this is the real 2^nd leg, or a much bigger 2^nd leg is yet to come.)
Thursday is a bull bar with a tail above, implying a pullback on a lower timeframe.
Friday is a bull trend bar, signifying the next leg up after the implicit pullback on Thursday.

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