NASDAQ Forecast August 26, 2015, Technical Analysis

The NASDAQ gapped higher at the open on Tuesday, but found the 4700 level to be a bit too resistive. With this, we think that a pullback is coming but we are looking for supportive candles in order to take advantage of value, and of course support after such a serious selloff. We are not willing to put money to work right away though, and quite frankly we are more than comfortable waiting until we get the daily close in order to be as cautious as possible. We’ve no interest in selling at this point, we feel that it has been overdone.