NASDAQ 100 Forecast February 11, 2016, Technical Analysis

The NASDAQ 100 gapped higher and above the 4000 level during the course of the session on Wednesday, breaking well above that level and testing the 4050 handle. We saw enough resistance there that the market turned back around to form a shooting star. The shooting star of course is a negative sign, and as a result it’s very likely that we will turn things around us or falling yet again. We believe that the market will try to target the 3900 level. With no interest in buying, there’s far too much in the way of bearish pressure above.