Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bull trend bar with a prominent tail above and below. The market had a new all-time high close above May 27 high. Also, the bull body gap with the March high close is still open.
On the daily chart, Wednesday was a big bull trend bar that contributed to most of the gain for the week. The rest of the days were doji bars.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull trend bar with a prominent tail at the top and bottom.
- Last week’s report mentioned that last week was the first pullback in the bull micro-channel that started the second half of April, and the market should make it at least to the close of the bull bar of 5/20.
- This week closed above the bull close from 5/20.
- This is likely the second leg of that move up.
The Daily NASDAQ chart
- Monday and Tuesday were doji bull bars after the big reversal up Friday.
- Wednesday was a big bull trend bar. It is usually hard to get follow-through after such a big bar.
- As expected, Thursday and Friday were small doji bear bars.
- If the market makes it to below the big bull bar on Wednesday, there will likely be buyers.
- What is interesting is that inspite of the big move down last Friday, the body gap with the high close of March is still open.
- Assuming the body gap with March high close remains open, a likely bull target is the measured move of April low close and March high close at 19996.75 which is close to the 20000 big round number.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
