Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bull doji bar with a tail above and a close above last week high. It is a weak follow-through to strong entry bar of 8-12.
On the daily chart, the market went sideways around the broken support from the low close of 6/24.
The monthly chart is a now a doji bull bar with a very long tail below. The market went above the close of the month of June and is pulling back. The market will likely pull back as those bulls will be disappointed by how far the market fell below the June close.
Next week is the last week of the month. Given how big the month already is, it is unlikely the market will go a lot higher next week to extend the range on the top side.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull doji bar with a longer tail on the top closing right around the middle of the bar.
- Bulls needed a good follow-through bar. They did the minimum of closing above the last week’s high and closing around the mid-point.
- The market also made a 1X target for anyone that bought above the buy signal bar from 2 weeks back.
- For their part, bears prevented another bull trend bar.
- As mentioned in the summary, the month is already a big bar so it is less likely that next week will be a big bull bar. There are also buy the close bulls of the June month bar that are likely exiting. All this points to next week being a doji or bear bar.
- If next week is instead a big bull trend bar, then it will be a surprise and likely lead to two legs up.
The Daily NASDAQ chart
- This week mostly went sideways around the broken support from the low close of 6/24
- Coming into the week, the market was in a bull micro-channel, and Monday extended that with a bull trend bar that closed above the 6/24 low close. Tuesday was doji bear bar. Wednesday was a bull bar with tails, still above the low of Tuesday.
- Thursday was an outside day bear bar. It was the first pullback in the micro-channel.
- Thursday found temporary support at last Friday’s close, around Monday’s low. Last Friday was a doji follow-through to the big trend bar of Thursday with a close around the high close of 7/31. If a bear sold the doji bar of last Friday, taking a chance at a double-top with the big bear bar of 8/1, they would have been trapped by the big bull bar of Monday.
- The phrase temporary support implies support good enough for a scalp for an average bar size.
- Friday is a bull inside bar with a tail on top, so likely not good buy signal bar. There may be a couple of doji bull bars above it, and bears will attempt a good sell signal bar around the top of the outside bar of Thursday.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
