NASDAQ Forecast August 10, 2015, Technical Analysis

The NASDAQ fell during the session on Friday, but remains above the 5000 level. That is a significant round number, so we could have buyers come back in and start picking this market up again. We think support runs all the way down to 4900, so quite frankly at this point in time there is only short-term selling opportunities available as far as we can see. A supportive candle below would have us actually reversing that position in going long as we believe in the longer-term uptrend of the NASDAQ in general as it has been so strong.