Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures October monthly candlestick is a bear doji bar with a longer tail above. It is an L2 sell signal bar that will likely trigger.
The week is an outside down bear bar with tails above and below. It went above the high of last week and then reversed to go below the low of last week and closed above the low of last week.
Like September, October has stayed within the range of the prior quarterly bar since the prior quarterly bar is really big.
The commentary in the prior month’s report about the possibilities of the final quarter of the year, and the yearly close is still valid. So far bears have done their part to prevent a bull bar for the current month.
NASDAQ 100 Emini futures
The Monthly NASDAQ chart
- The October month bar is a L2 bear sell signal bar with bigger tail above.
- The prior monthly report had said that this month could be a doji bar opposite to last month with a big tail above.
- This month almost met that expectation except the tail on top is not as big as the tail below of the prior month.
- The market is essentially going sideways since July. The prior month’s report had also said that the market will likely explore the upper tail of July to see where sellers will come in.
- Well, bears have produced a sell signal bar around the middle of July upper tail.
- The bear sell signal bar should trigger, but the question is whether bears can produce a strong entry bar.
- Or will bulls buy below the sell signal bar and try for a new all-time high above the July high?
The Weekly NASDAQ chart
- The week is an outside down bear bar with tails above and below.
- It represents a reversal after three legs up since week of 8-5.
- Bears now need a strong follow-through bar to convince traders that the move up from 8-5 is a bear wedge flag and the second leg down is starting.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
