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Nasdaq 100 Close above December 2021 Close

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Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures February monthly candlestick is a non-climactic bull trend bar. It is a new all-time high close, with a close above December 2021 close, the prior all-time high close.

The week is a bull trend bar with a bigger tail below and a smaller tail above.

NASDAQ 100 Emini futures

The Monthly NASDAQ chart

Nasdaq Monthly new all-time high close
  • The February month bar is a non-climactic bull trend bar closing near its high.
  • Last month’s report had mentioned that bulls need a series of non-climactic bars closing above the December 2021 close, and this month is the first such bar.
  • Next, bulls need another good monthly bar in March.
  • Bears needed to prevent such a good bull bar after the doji bar last week.
  • After the doji bar last month, this is likely the start of a channel.
  • This month is another bar in the bull micro-channel since the move up that started in November 2023.
  • This means that there are likely buyers below the bull bars. Hence, bulls may buy the close of February, knowing there are buyers below.
  • Bears want to make this a trading range and likely sold the high of January and the February close for a scalp.
  • The December 2021 close will be a magnet over the next several months. Bears want to close the body gap while bulls will want to keep the body gap open.
  • If bulls can create good bull bars for the next couple of months, then bears will buy if the market retests the December 2021 close.

The Weekly NASDAQ chart

Nasdaq Weekly November 2021 bull body gap open
  • The week is a bull trend bar with a bigger tail below and a smaller tail above.
  • For the last month or so, the market has been trying to decide how to handle the November 2021 close.
  • Bears tried a couple of times – near the end of January and couple of weeks ago to reverse, but bulls bought both times.
  • Bulls are buying below prior bars like they were doing in the first half of 2023.
  • Bears are not able to create good sell signal bars or consecutive bear bars.
  • Bulls want to maintain the body gap with the November 2021 close. It looks like for the time-being, they will be successful.

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