MIB Forecast October 7, 2014, Technical Analysis

MIB as you can see gapped higher at the open on Monday, but only slightly so. The market could keep the gains though, and we turned back around and sold off. The market sits just above the 20,000 level, an area that we would anticipate seeing buying pressure at. With that, we feel that any supportive candle between here and there is a buying opportunity, and as a result we would go long of the Milanese exchange. Ultimately though, we see quite a bit of noise between here and 21,000 so we will have to be patient.