On the daily chart, the market had three consecutive trend bear bars and then closed with a doji on Friday.<\/p>\n\n\n\n
NASDAQ 100 Emini futures<\/h2>\n\n\n\nThe Weekly<\/em> NASDAQ chart<\/h3>\n\n\n\n![\"Nasdaq](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/NASDAQ-Weekly-first-bear-bar-since-November-2023-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The week is a bear trend bar with a small tail below.<\/li>\n\n\n\n
- This week reversed most of the bull bars of the past 3 weeks.<\/li>\n\n\n\n
- It has also closed the breakout gap with the July high. The body gap with the July high close is still open.<\/li>\n\n\n\n
- Next couple of weeks is important \u2013 Can bears create a follow-through bear bar next week closing below this week\u2019s low?<\/li>\n\n\n\n
- Can bears create two bear closes far below the July body gap?<\/li>\n\n\n\n
- Bulls want the opposite \u2013 They want next week to be a bull bar or a doji bar and keep the body gap open.<\/li>\n\n\n\n
- The last monthly report<\/a> had mentioned that it is unlikely for January to be a bull bar with a low above last month\u2019s low \u2013 creating a bull micro-channel.<\/li>\n\n\n\n
- So, its likely that January is a bear bar, or an inside bull bar or a bar with the low lower than the December low.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> NASDAQ chart<\/h3>\n\n\n\n![\"Nasdaq](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/NASDAQ-Daily-deep-pullback-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- Friday is a doji bar closing around the mid-point of the bar.<\/li>\n\n\n\n
- Monday was a trading holiday for New Year\u2019s Day.<\/li>\n\n\n\n
- Tuesday, Wednesday, and Thursday were good trend bear bars closing below the prior bar\u2019s low.<\/li>\n\n\n\n
- The market is back below the daily exponential moving average (EMA) with two closes below it.<\/li>\n\n\n\n
- It is a deep pullback to the move up in December.<\/li>\n\n\n\n
- It is back at the top of the trading range from July and November.<\/li>\n\n\n\n
- Given the strong leg down this week, there will likely be another leg down.<\/li>\n\n\n\n
- Bulls would like to keep open the bull body gap with November high close.<\/li>\n\n\n\n
- There is a cluster of support below the current price shown by the green lines on the chart.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The week is a bear trend bar with a small tail below.<\/li>\n\n\n\n
- This week reversed most of the bull bars of the past 3 weeks.<\/li>\n\n\n\n
- It has also closed the breakout gap with the July high. The body gap with the July high close is still open.<\/li>\n\n\n\n
- Next couple of weeks is important \u2013 Can bears create a follow-through bear bar next week closing below this week\u2019s low?<\/li>\n\n\n\n
- Can bears create two bear closes far below the July body gap?<\/li>\n\n\n\n
- Bulls want the opposite \u2013 They want next week to be a bull bar or a doji bar and keep the body gap open.<\/li>\n\n\n\n
- The last monthly report<\/a> had mentioned that it is unlikely for January to be a bull bar with a low above last month\u2019s low \u2013 creating a bull micro-channel.<\/li>\n\n\n\n
- So, its likely that January is a bear bar, or an inside bull bar or a bar with the low lower than the December low.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> NASDAQ chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- Friday is a doji bar closing around the mid-point of the bar.<\/li>\n\n\n\n
- Monday was a trading holiday for New Year\u2019s Day.<\/li>\n\n\n\n
- Tuesday, Wednesday, and Thursday were good trend bear bars closing below the prior bar\u2019s low.<\/li>\n\n\n\n
- The market is back below the daily exponential moving average (EMA) with two closes below it.<\/li>\n\n\n\n
- It is a deep pullback to the move up in December.<\/li>\n\n\n\n
- It is back at the top of the trading range from July and November.<\/li>\n\n\n\n
- Given the strong leg down this week, there will likely be another leg down.<\/li>\n\n\n\n
- Bulls would like to keep open the bull body gap with November high close.<\/li>\n\n\n\n
- There is a cluster of support below the current price shown by the green lines on the chart.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- So, its likely that January is a bear bar, or an inside bull bar or a bar with the low lower than the December low.<\/li>\n<\/ul>\n\n\n\n