Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a big bull trend bar closing near its high. It is another new all-time high close above June 3 high. It is also the biggest bull body since October.
On the daily chart, there is a 4-bar bull micro-channel as the low of everyday starting Tuesday was higher than the prior day low.
The monthly chart is a bull trend bar already as big as the prior month bull bar. Since there are two more weeks left in the month, the same comment as last few reports apply – that its more likely for a least one of the next two weeks to be a doji/bear bars. Instead, if the next two weeks are bull bars causing the month to be a big bull bar, then it’s likely that the first couple of weeks of next month will be doji/bear bars.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a big bull trend bar closing near its high.
- It is the biggest bull body since October, and the biggest bull bar since April when the market reversed.
- The question now is – will this bar act as a measuring gap or exhaustion gap?
- Big bars are fine during a reversal when the first leg is forming in the new direction.
- Big bars are less than ideal in subsequent legs because it can lead to profit-taking.
- For this to be a measuring gap, bulls need a follow-through bar next week.
- As mentioned in the summary, it is more likely for at least one of the next two weeks to be doji/bear bars.
The Daily NASDAQ chart
- Every day of the week was a bull trend bar (even with tails) except Thursday which was a doji bar.
- Monday was an inside bull bar. Tuesday was a bull bar breaking out of outside doji bar from last Friday.
- Wednesday was more follow-through with an especially big bull bar.
- As was likely, Thursday was a doji bar.
- Friday closed as a bull bar near its high with a tail below.
- If the market pulls back to below Wednesday’s big bar, there will likely be buyers
- At this point, it is likely that the market will make the measured-move target shown in the chart.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
