Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures November monthly candlestick is a big bull trend bar with a small tail above. It is the highest close of 2023 closing just below the July 2023 high.
The week is a doji bull outside bar (OB) going below and above last week.
NASDAQ 100 Emini futures
The Monthly NASDAQ chart
- The November month bar is a big surprise bull trend bar reversing the bear bars of the past 3 months.
- It is the biggest bar of the past 12 bars or so.
- It also closed above the July close making it the highest close of 2023.
- As mentioned in last month’s report, May close was likely going to be support as there were trapped sellers who sold the May close betting on a failed breakout.
- While all the above is a positive for the bulls, such a big bar is also a problem for the bulls because it attracts profit-taking.
- Bulls now need December to be a good follow-through bar, which is less likely when November is such a big bar.
- Bears will likely sell November close and December close (assuming it’s a bull bar) for another leg down like what happened in August, September of 2022.
- Also mentioned in last month’s report, bulls could not prevent an extra monthly bear bar – October from being created which then resulted in a bear micro-channel August-October whereby the high of the month was lower than the high of the prior bar.
- So even if the bulls get a move higher, the market should test within the range of the October bar at some point in the future.
- The next target for the bulls is the high close of 2021 as well as the MM target of the bodies of the May and June bars (shown on the chart)
The Weekly NASDAQ chart
- The week is bull doji outside bar (OB).
- Previous reports had mentioned that monthly bar had already grown too big by the 3rd week of the month, so the last two weeks would be small doji like bars or bear bars.
- This is what happened in the last 2 weeks.
- The next target for the bulls is the high close of 2021 at 16575.25.
- The move up in November is strong enough that there should be a 2nd leg up which should likely reach the target above.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
