Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures January monthly candlestick has a close that is higher than the December 2023 close but lower than the Nov 2021 close. January 2024 is a bull doji bar with a tail above and below.
The week is a bull H1 reversal bar with a tail above and a bigger tail below.
NASDAQ 100 Emini futures
The Monthly NASDAQ chart
- The January month bar is a bull doji bar with prominent tails above and below
- Bulls reached the targets mentioned in prior monthly report – the close of Nov 2021, the Measured Move (MM) target of the bodies of the May and June 2023 monthly bars.
- The market also reached a new all-time high last week.
- At the same time, bulls could not prevent a doji bar. They also could not close above the Nov 2021 close (shown by the red line on the chart).
- Bears could not prevent a bull close. However, by creating a doji bar that did not close above the Nov 2021 close, bears hope to prevent a breakout above the Nov 2021 close.
- Bears want to create a big bear bar next month or a series of small bear trend bars or similar doji bars sideways and then try for a move lower.
- Bulls need the opposite – they need a big bull bar closing far above the Nov 2021 close, or a series of non-climactic bull trend bars closing above the Nov 2021 close, that will convince buyers that the double-top with Nov 2021 is failing.
- Minimally, bulls have created a bull micro-channel of 3 bull bodies with lows higher than the prior low.
- So even if there is a pullback, it is likely that the market will come back to the January close.
The Weekly NASDAQ chart
- The week is a H1 bull reversal bar with a long tail below and a tail above.
- The week closed above the 2021 high close.
- Since last week was a doji bar with a tail above, it was likely that this week would pullback below its low and be a bear bar.
- This week went below last week’s low thus triggering the pullback but closed as a bull bar.
- Bulls now need a good entry bar and follow-through bar. The tail on top of this week’s bar makes that less likely.
- Bears want to trigger the buy signal bar and then trap the bulls by creating bear bars with follow-through like they did the week of 7/31/2023.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
