Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bear reversal sell signal bar with a tail above, representing a failed breakout above June. Last week, the market was attempting a breakout above the June high with the big outside up bar. The bulls needed a follow-through bar this week. They did not get that. The bears have the best-looking sell signal bar since Aug 15, 2022. They need next week to close below this week.
The July monthly bar is a doji bull bar with a small tail below and a bigger tail above. There is little over a week left until the end of the month. Bulls want the close near the high of the month, while bears want a bear bar or at least a close below the mid-point.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bear reversal sell signal bar near the high of the previous week.
- Bears needed a good reversal bar. They got one. Now they need next week to close below the reversal bar.
- If bears can do that, their next target would be to close the body gap with March 2022 close at 14831.
- Bulls want the opposite – They want to trigger the sell signal bar but close above the low like they have been doing for many weeks.
- Even if the bears get a close below this week, there will likely be buyers around the low of prior week and the body gap of March 2022.
- The next target for the bulls is –
- The high close of 2021 – 16338.75
- The all-time high in November 2021 at 16767.5
The Daily NASDAQ chart
- Friday is a bear trend bar with small tails above and below.
- Wednesday is a bear reversal sell signal bar.
- Thursday is a big breakout bear bar that fell far below Thursday, and Friday is a good follow-through bar to Thursday.
- This is the first time since December 2022 when there have been 3 good consecutive bear bars, so likely there will be second leg down.
- Monday and Tuesday were bull bars that extended the move up of the prior week.
- Friday of last week was not a strong sell signal bar for bears to sell yet.
- Monday did not even trigger the sell signal bar and just went higher.
- The market is likely testing the daily EMA and the breakout point above the June high with this move down.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
