Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bull bar with a prominent tail above. The market had a CC bull close above March high close and a new all-time high close. Note: CC is an abbreviation for consecutive.
On the daily chart, this week was the channel phase of what looks like a new spike last week.
So far, the month is an even bigger bull bar than last week. Last week’s report mentioned that the monthly bar is already big so it’s more likely for some sideways move into the end of the month. Next week is the last week of the month, so it is more likely for next week to be a doji/bear bar than a bull trend bar.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull bar with a prominent tail at the top.
- The week is a consecutive bull close above the March high close and another new all-time high close.
- It is also another week in the bull micro-channel.
- The bull micro-channel means market will likely come back to this week’s close, even if it pulls back from here.
- Bulls need the next week to be another good bull bar to convince traders the market is breaking out of the trading range from March.
The Daily NASDAQ chart
- Last week’s report had mentioned that the leg up was strong enough that there should likely be another leg up. This week was the second leg and the start of 3rd leg up.
- Monday is a bull trend bar and Tuesday is a follow-through bull bar. Wednesday is a doji bar. Thursday is a big outside down bar marking the end of the 2nd leg, and Friday is an inside bull bar overlapping with Friday likely starting the 3rd leg up.
- Next week is likely to have more sideways to down bars as the summary above says that next week is more likely to be a doji/bear bar.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
