NASDAQ Forecast October 15, 2014, Technical Analysis

The NASDAQ as you can see try to rally during the course of the day on Tuesday, but found enough resistance above to turn back around and form a shooting star. The shooting star of course suggests that the market is going to go lower, and as a result if we can break down the market below the bottom of the range for the session on Tuesday, the market could then place a significant amount of pressure on the support level at 4000. If we break down below there, the market could very well break down. On the other hand though, if we bounce from here we believe that the market could offer selling opportunities at higher levels.