NASDAQ 100 Forecast May 6, 2016, Technical Analysis

The NASDAQ 100 initially rallied during the day on Wednesday, but turned around to form a shooting star. However, there is support just below so at this point in time even though it looks like the market may grind a bit lower, quite frankly it is so supported below that we are simply waiting for a supportive candle that we can serve buying, or perhaps a break above the top of the shooting star for the session on Thursday. This is a market that has pullback significantly after a massive move higher, but not so much that most bullish traders will be concerned.