NASDAQ Forecast October 20, 2014, Technical Analysis

The NASDAQ as you can see gapped higher at the open on Friday, testing the 4300 level. That area of course is a large, round, psychologically significant number and the top of the weekly hammer. Because of that, if we break above that level we are willing to start buying this market as the strength would be coming back into the NASDAQ at that point in time. We are not interested in selling, as we feel there is a significant amount of support just below, and that being the case we feel that the buyers will continue to be attracted.