NASDAQ Forecast August 5, 2015, Technical Analysis

The NASDAQ went back and forth during the course of the session on Tuesday, using 5100 as support. However, we think that the market may have very little in the way of volatility going forward, because of the nonfarm payroll numbers coming out on Friday. We believe that pullbacks should offer value though, because sooner or later the longer-term uptrend should take over again. Ultimately, we believe that the market will not only break above the 5160 level which was the most recent high, but we believe that it’s going to continue much higher than that.