Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a big bull trend bar closing near its high. It is another new all-time high close above June 3 high. It is also the biggest bull body since October.
On the daily chart, there is a 4-bar bull micro-channel as the low of everyday starting Tuesday was higher than the prior day low.
The monthly chart is a bull trend bar already as big as the prior month bull bar. Since there are two more weeks left in the month, the same comment as last few reports apply – that its more likely for a least one of the next two weeks to be a doji/bear bars. Instead, if the next two weeks are bull bars causing the month to be a big bull bar, then it’s likely that the first couple of weeks of next month will be doji/bear bars.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a big bull trend bar closing near its high.
- It is the biggest bull body since October, and the biggest bull bar since April when the market reversed.
- The question now is – will this bar act as a measuring gap or exhaustion gap?
- Big bars are fine during a reversal when the first leg is forming in the new direction.
- Big bars are less than ideal in subsequent legs because it can lead to profit-taking.
- For this to be a measuring gap, bulls need a follow-through bar next week.
- As mentioned in the summary, it is more likely for at least one of the next two weeks to be doji/bear bars.
The Daily NASDAQ chart
- Every day of the week was a bull trend bar (even with tails) except Thursday which was a doji bar.
- Monday was an inside bull bar. Tuesday was a bull bar breaking out of outside doji bar from last Friday.
- Wednesday was more follow-through with an especially big bull bar.
- As was likely, Thursday was a doji bar.
- Friday closed as a bull bar near its high with a tail below.
- If the market pulls back to below Wednesday’s big bar, there will likely be buyers
- At this point, it is likely that the market will make the measured-move target shown in the chart.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
Hello Leonidas, thanks for the kind words. Yes, I have followed Al’s work since 2015 when I took his course for the first time. Over time, I have evolved it (and still do) to fit my personality. Which leads me to the point that there isn’t a fixed set of steps that’s universal for everyone. There aren’t just some videos to point to. Best suggestion is to go through the course, and take some concepts which you are most comfortable with and start studying 1000s of charts across several timeframes to better understand how those concepts work, and develop your own interpretation/nuances/tolerances. Through this process, you will understand what type of a trader you are – if you are a buy/sell the close type, or a limit-order; whether you like trading the trend or trading range; intra-day trading or trading the daily/weekly timeframes etc. It is also one thing to do the analysis and a very different thing to be in a trade based on that analysis 🙂 IOW, don’t try to rush this.
For my own sake, most of my trading happens on weekly charts across stocks and not just the indices.
Thanks for your response Rajesh. Much appreciated my friend.
Hello Rajesh. Your analysis is insightful and spot on. Is the way you approach your analysis an outcome of Al’s approach? Do you do breakdowns and/or live trading particularly on Nasdaq? Last question. Where could I find steps to follow your style of analysis? Is it perhaps in the course? I’m in the beginning so it would be helpful to point me at these videos if that’s the case. Thank you in advance and keep up the good work!