MIB Forecast October 1, 2014, Technical Analysis

The MIB as you can see went higher during the course of the day on Tuesday, testing the 21,000 region. We believe that this market should continue to go higher once we get above the 21,000 level, heading to the 21,500 level. We believe that pullbacks will continue to offer buying opportunities, and that the 20,000 level should be supportive. With no interest in shorting this market until we get below the 20,000 level, so at this point time we are essentially “buy only”, but recognize that we do not have the correct candle yet to start going long.