NASDAQ Forecast August 20, 2015, Technical Analysis

The NASDAQ fell during the bulk of the session on Wednesday, but found enough support at the 5000 level to turn things back around and form a nice-looking hammer. Because of this, we ended up forming a supportive enough looking candle for us to start buying. We believe that the NASDAQ is heading to the 5100 level, and then eventually the 5200 level. The NASDAQ typically is one of the better performers that we follow, and we think that will be true again once the liquidity comes back from summer break. At this point in time, we have no interest in selling.