Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a bull trend bar with a tail above. The market has been sideways for the last 4 weeks starting 2-26.
On the daily chart, the market was unable to create consecutive bear bars below the exponential moving average (EMA) and reversed up at the beginning of the week but ended the week with doji bars.
There is one more week left to the month. The month so far is a doji bull bar with tails. Bulls would like to end the month strongly and create a good follow-through bar to bull trend bar of last month. Bears want to end the month as a bear bar or at least close below the midpoint.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull bar with a tail above.
- The last four weeks mostly represent sideways move.
- Bears needed to produce a good bear bar this week far below last week’s low.
- Instead, bulls were able to create a bull trend bar although with a tail above.
- Next, the bulls need to break above the sideways move of the past 4 weeks.
- They can do that with big bars or with several non-climactic bull bars.
- The November 2021 close is still in play as it currently represents an open bull gap.
The Daily NASDAQ chart
- The question last week was – Can bears produce a good follow-through bear bar Monday below the bear trend bar of last Friday?
- The bears were not able to do that. The market did not even go below Friday’s low. It went above Friday on Monday and ended as a bull bar with a tail above.
- So far it looks like the 2nd leg down for the move down to Friday was the tail below on Tuesday.
- Wednesday was a bull trend bar, and the market was back above the EMA.
- Thursday reached a new all-time high and reversed from above the prior high of 3-8 to end as a doji bar.
- Friday ended as a doji High 1 buy signal bar.
- The market is back near the high of earlier in the month.
- As mentioned in prior reports, bulls aren’t getting as good (consecutive) trend bars as the bears.
- At the same time, bears are unable to break below the EMA.
- When the bears are able to break below the EMA, there are several magnets below for the bears –
- The first magnet is the November 2021 high close.
- The second magnet is the close of 1/4/2024 – which was a bear microchannel that was never sufficiently tested.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
