NASDAQ Forecast October 29, 2014, Technical Analysis

The NASDAQ gapped at the open on Tuesday, clearing the 4500 level. This of course is a very bullish sign and it now appears that we are going to hit the 4600 level in the short-term. We think that pullbacks will offer buying opportunities offer short-term charts, as the market is obviously very bullish. With the Federal Reserve releasing an interest rate announcement today, the statement will be parsed by traders around the world, and any hint of accommodative policy will send stock markets much higher. At the end of the day though, a Federal Reserve that feels confident enough to stop helping would also be bullish once the initial knee-jerk reaction occurred.