Nasdaq 100 Finish of Weak Third Leg up From 8-5

Market Overview: NASDAQ 100 Emini Futures

The NASDAQ Emini futures week is a doji outdoors bar with an in depth across the open. It represents the tip of weak third leg up from 8-5.

On the each day chart, the bull channel section above the exponential shifting common (EMA) is weakening, with doji bars and bars with large tails.

The month is a doji bull bar with an in depth round final month excessive. The excessive of this month is across the midpoint of the higher tail of July.

Subsequent week is the final week of the month. It’s probably subsequent week can be a doji/inside bar because the market could also be ready for the election outcomes early subsequent month to make the following transfer.

NASDAQ 100 Emini futures

The Weekly NASDAQ chart

• The week is a doji outdoors bar.
• Final week’s report had talked about that this week would probably pullback under final week’s low, signifying the tip of one other leg. This week met that expectation.
• It pulled again under the low of final week, then broke out above the excessive of final week and ended the week with an in depth across the open.
• As talked about above, the market is probably going in breakout mode, probably ready for election outcomes to resolve subsequent transfer up or down.
• It’s not but clear if the market has had a 2^nd leg transfer down similar to the large transfer down in July. Up to now it seems like the 2 bear bars in late August is the two^nd leg down, but when there are large bear bars within the subsequent few weeks, which takes us again in direction of the early August lows, that might be the two^nd leg down after a wedge pullback.

The Each day NASDAQ chart

• The bull channel above the EMA is weakening, with principally doji bars or bars with tails, and a bear development bar shut slightly below EMA.
• Final week’s report had talked about that the early a part of this week will probably set off the Friday inside bar and repeat one thing like final week the place the middle-2^nd half of the week is a leg down.
• This week met that expectation. Monday and Tuesday have been doji bars that triggered Friday’s inside bar representing a 2^nd leg up from the 1^st leg late final week.
• Wednesday was a bear development bar with a tail under, closing under the EMA for the primary time in 30 days. Thursday was a bull inside bar again once more above the EMA, signifying the beginning of one other leg up. Friday was a giant bull bar at one level going above final week excessive, however then closed with a giant tail above.

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