Nasdaq 100 No CC Shut beneath Nov 2021 Bull Physique Hole

Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is an inside bull development bar with small tails. The market had no CC shut beneath Nov 2021 bull physique hole. Word – CC is an abbreviation for consecutive.

On the every day chart, the market had a weak two-legged pullback to the exponential shifting common (EMA).

To this point, the month is an enormous bear bar with a distinguished tail beneath. As was talked about final week, there would seemingly be patrons beneath prior development bull bars (February). Additionally, the month-to-month bar had already been the scale of a mean month bar with final week’s transfer, so it was extra prone to have sideways price-action than proceed down.

Bulls need subsequent Monday and Tuesday to be robust bull bars so there’s a fair larger tail on the month-to-month chart. Bears need the alternative. The weak worth motion on the every day chart makes it extra seemingly that the bulls might be upset.

NASDAQ 100 Emini futures

The Weekly NASDAQ chart

• The week is an inside bull development bar with small tails.
• Bears wanted a follow-through bear bar to the large bear of final week.
• They wanted it to persuade merchants that the bull hole from November 2021 is closed.
• As an alternative, the market had bull bar ending with a detailed simply above the EMA.
• Just a few issues for the bulls with the bull bar this week is that:
  • it’s an inside bar – which implies it didn’t entice sellers who would promote beneath final week’s bar, though the promote the shut bears of final week are trapped.
  • it’s a large bar for a purchase sign bar – extra threat for patrons shopping for with cease entry above.
  • Many of the physique of the bar is beneath the EMA. Normally such a bar is taken into account promote the shut than purchase the shut.
• So there are seemingly extra sellers above than patrons.

The Each day NASDAQ chart

• The market had fairly good bull days on Monday and Tuesday however was a weak rally for the remainder of the week with buying and selling vary price-action.
• It seems to be like a 2-legged pullback to the EMA and closed beneath the EMA.
• This may seemingly result in a 2^nd leg down equivalent to the bear breakout of final Wednesday, Thursday and Friday.
• Bears first need to goal the shut of final Friday as there have been seemingly bears who bought the shut.
• The subsequent one is the shut of 1/4/2024 – which was a bear microchannel that was by no means sufficiently examined.

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