Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bear bar with a tail below. The question now is – Can bears produce good bear bar below 3-4? The November 2021 close is still a magnet.
On the daily chart, the market is a lot more two-sided than the weekly charts. Bears are able to produce good bear sell signal bars with follow-through and 2nd legs.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bear bar with a long tail below.
- The body of this week largely overlaps with last week.
- Last week’s report had mentioned how the November 2021 close is still in play as it currently represents an open bull gap.
- Bears have done their part by preventing a bull bar this week.
- Bulls failed to produce a bull bar but have at least put a long tail below the bear bar this week.
- Can the bears now produce a good bear entry bar next week?
- So far bulls have been buying below bars. Will that change next week?
- If bears can produce a bear bar next week, it will be the first time since October that there are consecutive bear bars.
- There will likely be another leg up, even if bears create a bear bar next week.
The Daily NASDAQ chart
- Friday is big bear bar closing just above the daily exponential moving average (EMA).
- Most of the body of Friday overlaps with the body of Thursday.
- The market for the past month has mostly been channeling above the daily EMA.
- The market has also managed to prevent successive closes below the November 21 high close.
- As mentioned above, the channel is a lot more 2 sided on the daily chart than the weekly chart.
- Bears are getting good sell signal bars with follow-through which then have 2nd legs.
- Monday was a good sell signal bar, with a strong follow-through bear bar on Tuesday that found support at the daily EMA.
- Wednesday was an inside trading range bull bar that closed below its mid-point.
- Thursday triggered the bad sell-signal bar of Wednesday and ended as a big outside-up bull bar with tails above and below.
- The tail above on Thursday suggested that bulls who bought last Friday’s close and were disappointed by the action early in the week got out.
- Friday started the day by going above Thursday to a new all-time high, but closed as a big bear reversal bar closing just above the EMA.
- Such a big bear bear bar closing just above the EMA is usually a bad sell signal bar, so there are likely more buyers.
- Bears will need to produce a good sell signal bar like they did Monday.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
