Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a big outside down bear bar with big tails. It is the biggest bar since August 2024. We have also likely seen high of 2024. Note -Continuous contract has been rolled over to use the March 2025 contract.
On the daily chart, the market made the measured move (MM) target from the bull breakout of the exponential moving average (EMA) in early November. The market reversed down from around this level and also had the biggest bear day since August.
The monthly bar is a doji with a big tail above. At this point, it is unlikely that the month will close near its high, since there is not enough time left to make it back near the high and it’s likely that there will be a second leg down corresponding to the move down this week.
There is a week and half left in the month, which is also the end of the quarter and the end of the year. Some interesting targets are the open of the month at 21293, midpoint of the month around 21721, high of previous month at 21638, midpoint of the quarterly bar around 21280, high of previous quarter at 21518.25. Bears want to close the month as a bear bar, minimally below the midpoint and below the high of last month. They want to close the quarter below the prior quarter high, and below the midpoint of the quarter with as much of a tail on top so they can end the yearly bar with as much of a tail on top. Bulls want the opposite.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a big outside down bear bar with big tails.
- It went above last week’s doji bar and then reversed to go below the prior two weeks and then reversed up again below the big bull bar of 12-2.
- The report from two weeks ago mentioned that there would likely be buyers below the big bull bar of 12-2, and would act as temporary support.
- Temporary support means good enough for a scalp of an average bar size. The market will likely meet that expectation.
- But then there should be a 2nd leg down corresponding to this big move down.
- Since the bar is a trading range bar, if it goes down next week, it will likely reverse around the lower tail and if it instead goes up, will likely reverse somewhere around the upper 1/3 of the bar.
- Since the weekly bar is such a big bar, it is likely that next week and possibly the following week will be within the range of this week. This is also the reason why we have likely seen the high of the year.
The Daily NASDAQ chart
- The week met the measured move (MM) target shown from the breakout of the EMA in early November and reversed down violently from that level.
- Monday is a bull trend bar closing just above the measured move target. Tuesday is an inside bear reversal bar.
- Last week’s report had said that bears are starting to get some selling pressure. Wednesday is the biggest bear bar since August and closed below the EMA.
- Thursday is a bear inside bar near the low of Wednesday. Friday is another big bar – an outside up bull doji bar with big tails, to close with a small body in the middle of the bar below the EMA.
- Thursday and Friday can be considered the 2nd leg down for now, with Friday also an attempt at reversal up.
- Given Friday is a big bar with big tails, there are likely sellers above and buyers below.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
