Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures gapped up above last week and ended the week as a big bull trend bar with a tail at the top. The market went above and closed above the March 2022 swing high.
On the monthly chart, the market is in a bull spike phase. The June month bar so far is a strong bull trend bar as big as May. While this is bullish for the bulls, there are still two weeks left in the month. If the market keeps going up and closes near its high, it will be a big climax bar. If it goes down over the next couple of weeks, and creates a tail at the top, that could be a sign of the start of the channel phase.
Also, the Emini Nasdaq (NQ) is leading the Emini S&P (ES) in reaching its targets. In other words, the ES has not yet reached its March 2022 high. Assuming the ES will do the same in the next couple of weeks, it will likely push the NQ higher for the next week or two.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- This week is a big bull trend bar going far above the March 2022 close and closing above the March 2022 high.
- The market gapped up Monday creating a gap on the weekly chart between last week’s high/close and open of this week.
- At this point, the market has gone above the last major swing high and the next targets are the close of 2021, the all time high and close.
- The market is breaking out above the channel shown on the chart.
- Usually, such breakouts return to the channel within the next 5-6 bars.
- As mentioned before, bears have not done much yet.
- There have been no consecutive bear bars since December of 2022.
- There has not been a close below a prior bar since early March.
- At the same time, bulls are creating breakout gaps by going above the August 2022 high.
- Bulls have also created body gaps with August 2022 high close and now March 2022 close.
- The first bear target is to close the gap with last week, and the March 2022 body gap.
The Daily NASDAQ chart
- Friday is bear trend bar that put the tail at the top of the weekly bull bar.
- Monday gapped up above last week and closed as a strong bull bar. Tuesday was a doji bar, but Tuesday and Wednesday were good bull bars.
- The bull bars this week were not climactic.
- The market went above the March 2022 high on Thursday and Friday pulled back.
- So far for the past 5-6 weeks, there have been 1-2 day pullbacks which have been being bought.
- The market is back in the area where back in early 2022 the market broke below the trading range.
- So the question is – how does the market react in this area?
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