NASDAQ Forecast October 6, 2014, Technical Analysis

The NASDAQ as you can see gapped higher at the open on Friday, heading towards the 4500 level. That being the case, any pullback at this point in time is probably going to be a momentum gathering exercise in order to break out to the upside. That being the case, we feel that the market will continue to be bought time and time again, and as a result we are very bullish of the NASDAQ. The fact that Thursday formed a hammer right on an uptrend line tells us that the uptrend is very much still alive.