#SPX #DOW #NQ #RUT = Mixed Weekly Closure = 05.09.2021 #NQ $SPY #QQQ #US30 #ES_F #RTY_F #NQ_F

There is no clear sense of direction after the weekly closure of major US indices and there is a disconnect between the daily and the weekly candle formations. Let’s explore the candlespeak.

The upper row – daily candles, the bottom row – weekly.

CANDLES SPEAK

RUT
The daily candles formed a bearish Harami/Dark Cloud Cover mixed combo. The odds are bearish and a confirmation is required in the next couple of days.
The Friday’s candle definitely impacted the weekly and instead of a bullish continuation, it closed the week with a Spinning Top kind of candle. This message also requires a confirmation.
The odds are bearish, but a strong few green days could flip them to the bullish side.

SPX
Two indecision days (doji candles) in a row is not a healthy sign. Nothing is confirmed yet, but the odds are slightly bearish at this point.
The weekly did not close a gap with the previous week. It is expected to be closed and let’s hope it does not happen by a bearish Engulfing candle.
Neutral for the week.

NDX
The Wednesday’s gravestone doji has not been canceled yet, despite the mighty attempts on Thursday and Friday.
The weekly, while looking very bullish, has a similar unclosed gap as SPX.
All this makes the odds neutral for the upcoming week.

DJI
DJI is probably the worst among these four.
The weekly formed a Dark Cloud Cover and the daily made a bearish Harami/Hanging Man. The odds are definitely bearish, but the confirmation is needed for both weekly and daily.

DJI is also the only one that provides a preliminary target based on minor waves – $34000-34500$. Again, this is if at least the daily DCC is confirned.

Overall, it looks like Market is getting ready for a pause or at least a minor pullback. I hope the next few days would add some clarity.

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