Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a doji bear reversal bar. It is a bad follow-through to big bull body of 7-1.
On the daily chart, there was more follow-through the first half of the week to the good bull bars of last week, followed by a big bear reversal day Thursday, and a bad bull reversal Friday.
The monthly chart is a bull bar with a prominent tail above. There are still 2.5 weeks left in the month. Bears do not want a 3rd CC bull bar.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is doji bear reversal bar.
- It is a bad follow-through to the big bull bar of last week.
- As has been mentioned in past reports, big bars usually do not have good follow-through.
- Since this week is a bear reversal bar, it will likely trigger.
- At the same time, since it is a bad sell signal bar, there are likely buyers below.
- Last week’s report also mentioned that the market will likely test the high of week of June 24 as it was a bad buy signal bar.
- Bears need consecutive bear trend bars closing below prior bar lows.
The Daily NASDAQ chart
- The market continued the bull micro-channel from last week on Monday, Tuesday and Wednesday as every day low was above prior day low.
- As good as the bull micro-channel is for the bulls, the bars are disparately sized – Monday is a small bull bar, Tuesday is a doji bar, while Wednesday is a bull trend bar.
- Thursday is a big outside down bear reversal bar.
- Friday reversed from the high of 6/20 which was a breakout point. Friday is a bad bull reversal doji bar, which means likely more sellers than buyers at or above the close.
- Bulls will wait for a good bull buy signal bar likely near the daily exponential moving average (EMA).
- Bears needed Friday to be a follow-through bear bar.
- Since this is the first pullback in the micro-channel from last week, it is likely there will be a close above the highest close of Wednesday.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
