MIB Forecast August 14, 2015, Technical Analysis

The MIB gapped higher at the open on Thursday, and then went back and forth to form a fairly neutral looking candle. We believe that the market should continue to bang around in this area, and we believe that there is a significant amount of support near the 23,000 level. With this, we are waiting to see if we get any type of supportive candle so we can serve buying yet again. If we break above the top of the gap at the 23,700 level, we would be buyers there as well as it should show significant strength.