Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a doji outside bar with a close around the open. It represents the end of weak third leg up from 8-5.
On the daily chart, the bull channel phase above the exponential moving average (EMA) is weakening, with doji bars and bars with big tails.
The month is a doji bull bar with a close around last month high. The high of this month is around the midpoint of the upper tail of July.
Next week is the last week of the month. It is likely next week is also a doji/inside bar as the market may be waiting for the election results early next month to make the next move.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a doji outside bar.
- Last week’s report had mentioned that this week would likely pullback below last week’s low, signifying the end of another leg. This week met that expectation.
- It pulled back below the low of last week, then broke out above the high of last week and ended the week with a close around the open.
- As mentioned above, the market is likely in breakout mode, possibly waiting for election results to decide next move up or down.
- It is not yet clear if the market has had a 2nd leg move down corresponding to the big move down in July. So far it looks like the two bear bars in late August is the 2nd leg down, but if there are big bear bars in the next few weeks, which takes us back towards the early August lows, that would be the 2nd leg down after a wedge pullback.
The Daily NASDAQ chart
- The bull channel above the EMA is weakening, with mostly doji bars or bars with tails, and a bear trend bar close just below EMA.
- Last week’s report had mentioned that the early part of this week will likely trigger the Friday inside bar and repeat something like last week where the middle-2nd half of the week is a leg down.
- This week met that expectation. Monday and Tuesday were doji bars that triggered Friday’s inside bar representing a 2nd leg up from the 1st leg late last week.
- Wednesday was a bear trend bar with a tail below, closing below the EMA for the first time in 30 days. Thursday was a bull inside bar back again above the EMA, signifying the start of another leg up. Friday was a big bull bar at one point going above last week high, but then closed with a big tail above.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.