Market Overview: NASDAQ 100 E-mini Futures
The NASDAQ E-mini futures week is a High 1 buy signal after 5-11 bear doji. Bulls bought below the low of last week.
The daily chart still does not have good follow-through bear bars.
The monthly bar is a good follow-through bull trend bar to the biggest bull trend bar, possibly ever, of last month. It was unlikely for this month to be a good follow-through to last month, but so far, bulls have done their part. This means that there will likely be a 2nd leg up.
NASDAQ 100 E-mini futures
The Weekly NASDAQ chart
- The week is a High 1 (H1) bull buy signal bar after a doji bear bar last week. It has a prominent tail above.
- 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 close to this MM.
The Daily NASDAQ chart
- Bears are still unable to produce consecutive bear trend bars.
- Monday is a doji bear bar, following last Friday’s big bear bar. Tuesday is a bear bar with a tail below. It triggered last week’s low and found buyers.
- The leg down could be considered a multi-leg pullback – a bear bar, pause bar, and a bear bar.
- Wednesday is a bull bar going above Tuesday, representing an attempt to start a leg up. Thursday is a smaller bull bar with body overlapping Wednesday, and prominent tails.
- Friday is a doji bull bar with a prominent tail above.
- Bears made money selling above the bear bar of 5-12. So, they will likely sell above the bear bar of 5-15, which may be the reason for the tail on top of Friday’s bull bar.
- Bears will want another leg down early next week – this could be the 2nd leg down for the leg down last week.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
