MIB Forecast August 17, 2015, Technical Analysis

The MIB as you can see initially tried to rally during the course of the session on Friday, and then turned back around to form a shooting star. We also formed a shooting star on Thursday as well, so it appears that we will probably pull back from here. However, there is also a significant amount of support just below, and we have been consolidating just below the major resistance barrier in the region of 24,000 to try to build up enough momentum to break out to the upside and continue the longer-term uptrend.