NASDAQ Forecast August 17, 2015, Technical Analysis

The NASDAQ gapped lower initially during the session on Friday, and then continue to go a little lower from there. However, we ended up turning back around and forming a slightly positive candle. We believe that the NASDAQ is going to continue to fight its way higher, as the weekly candle is a hammer. The NASDAQ has historically been one of the better performers over the last year or two in the United States, so having said that we are buyers. We have no interest whatsoever in selling, and we believe that the market will ultimately head back towards the 5200 level.