Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a giant purchase sign bar at EMA – exponential shifting common. The week has an even bigger tail beneath and a small tail above.
On the every day chart, the market seems like a bull leg up in buying and selling vary between the every day and weekly EMA.
The month-to-month bar is a doji bull bar with a tail above and beneath.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a giant purchase sign bar at EMA. It has an even bigger tail beneath and a small tail above.
- It went beneath final week’s exterior down bear bar after which reversed up. This week’s bull physique has reversed final week’s bear physique.
- It was extra seemingly for this week to be a bull bar given we have been at main assist.
- Bulls now want a very good entry bar subsequent week. What is nice for bulls is that the physique of the purchase sign bar this week is fully above the EMA, opening on the EMA.
- What’s much less superb is the scale of the purchase sign bar. It’s primarily as large as final week. It will increase the danger for bulls shopping for with a cease above this week.
- If one seems on the measurement of the transfer from the July excessive to the low of this week, the market is on the midpoint of that transfer already.
- If we see the market being in a buying and selling vary, shopping for above this week’s excessive may be thought of shopping for in the midst of the vary.
The Every day NASDAQ chart
- Final week’s report stated we’ll seemingly be in a buying and selling vary between the every day and weekly EMA.
- Final week’s leg down is a weak leg – no consecutive bear pattern bars.
- This week appeared like a bull leg up in a buying and selling vary – no consecutive bull pattern bars.
- Monday was a doji bear bar with a tail beneath, following the large bear bar of Friday.
- Tuesday went above Monday, triggering Monday’s purchase sign bar, however ended the day as a doji bear Low 1 promote sign bar. Wednesday didn’t set off Monday’s bar and was a giant bull bar that closed on the EMA.
- Huge Bars esp. at assist or resistance normally don’t have good follow-through. Thursday was a bear Low-2 bar on the EMA.
- Friday was a giant bull pattern bar with a small tail above closing above the EMA, such that half of the physique of the bar is above the EMA and half beneath.
- Bulls want a very good follow-through bar above to have the primary pair of consecutive bull bars since early January. Like Al says, when bulls want yet one more bar, what’s going to the bears do? Bears will promote this shut to forestall that.
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