Nasdaq 100 Bull Breakout to New All-Time High Close

Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is a surprise bull breakout to new all-time high close, just above the prior all-time high.

On the daily chart, the market had a big bull breakout of the exponential moving average (EMA) on Wednesday with good follow-through on Thursday after the election results.

NASDAQ 100 Emini futures

The Weekly NASDAQ chart

• The week is a surprise bull trend bar, breaking out just above the EMA, and closing just above the prior all-time high.
• Last week’s report had mentioned how the market might be trying to form a wedge bear flag for the 2^nd leg down corresponding to the big move down in early August.
• Bears needed a good entry bar to last week’s outside down reversal bar. Instead, bulls created a big bull bar that is attempting to breakout above the wedge.
• Bulls need a good follow-through bar next week.
• Bears want a double-top with the July high and the breakout to fail and a move down to the August low.

The Daily NASDAQ chart

• The bull channel above the EMA was weakening, with mostly doji bars or bars with tails, and consecutive bear trend bars last Wednesday and Thursday and a bear trend bar close far below EMA on Thursday.
• It was likely that there would be at least a small 2^nd leg down this week.
• Monday started with a doji bear bar, Tuesday was a bull bar up to the EMA. Wednesday was a big surprise bull trend bar breaking above the daily EMA with a good follow-through bar on Thursday.
• Thursday closed at a new all-time high just above the prior all-time high in July.
• Friday was a doji bar.
• There will likely be a 2^nd leg up to the bull move.
• Breakout of the EMA with good follow-through usually have a good chance of a Measured-move of the size of the bodies of the two bars as shown in the chart.

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