Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bull bar with prominent tails. It is an entry bar to buy signal bar of 9-9 and a close below 8-19 bull close.
On the daily chart, the market had trading range price action on all days of the week except Thursday which was a bull trend bar.
The monthly bar so far is a bull doji inside bar with a long tail below. Next week is the last full week of the month. Bulls would like to end the month with a good bull body. Next month could be a doji bar in the opposite direction – a bar with a long tail above.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull bar with prominent tails closing above the high of last week.
- This week’s close is lower than the close of the 8-19 bull doji from 4 weeks back.
- Bulls need a big breakout bar next week or a series of non-climactic bull bars over the next several weeks like in April to convince traders that the market is likely to go to a new high.
- Bears want the opposite. They want next week to be a bear bar or a doji bar with a close below 8-19 bar. They can then try for sideways to down leg like back in March.
The Daily NASDAQ chart
- This week was trading range price action on all days except Thursday which was a bull trend day.
- Last week’s report had mentioned that there should likely be some sellers around the close of 8-30 which was a reasonable buy for a 2nd leg up. Instead, the market had fallen on 9-3.
- Early in the week, there was trading range price action going sideways. Monday was a bear buy signal bar. Tuesday was a bull sell signal bar. Thursday was an outside down bear bar.
- The reversals down were happening from around the close of 8-30.
- Thursday was a bull trend day that closed with a prominent tail above, while Friday was a bear doji inside bar.
- The market is attempting to breakout of the triangle shown in the chart above but lacking follow-through.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
