On the daily chart, the market had a big bear day with follow-through as the second leg of the move down from last week. <\/p>\n\n\n\n
The monthly chart is now a big bear reversal bar with a long tail above, and a small tail below. There are 3 more days left in the month. This month is again already a big bar, so it is likely the first half of next week is more sideways to up than down big, so as to not extend the range of the bar (although the Friday daily bar is a bad buy signal bar \u2013 a bull inside bar with big tail above, so it\u2019s hard to imagine buyers above).<\/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\/07\/NASDAQ-Weekly-first-close-at-weekly-ema-since-April-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The week is a big bear bar with almost equal sized body, tail above and below, closing near weekly EMA.<\/li>\n\n\n\n
- It is a good enough follow-through bar with a close far enough below last week\u2019s low that there should be a second leg down, likely after a pullback.<\/li>\n\n\n\n
- The pullback is likely because the market is at the weekly EMA where there are usually buyers.<\/li>\n\n\n\n
- Bulls do not want another bear bar next week because that will make it more likely that the move down will be multi-legged , as opposed to just two legs.<\/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\/07\/NASDAQ-Daily-big-bear-bar-with-follow-through-680x383.jpg\" "\\"\\"")
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- The week is a big bear bar with almost equal sized body, tail above and below, closing near weekly EMA.<\/li>\n\n\n\n
- It is a good enough follow-through bar with a close far enough below last week\u2019s low that there should be a second leg down, likely after a pullback.<\/li>\n\n\n\n
- The pullback is likely because the market is at the weekly EMA where there are usually buyers.<\/li>\n\n\n\n
- Bulls do not want another bear bar next week because that will make it more likely that the move down will be multi-legged , as opposed to just two legs.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> NASDAQ chart<\/h3>\n\n\n\n
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