NASDAQ forecast for the week of July 28, 2014, Technical Analysis

The NASDAQ tried to rally during the course of the week, but as you can see gave back most of the gains. In the end, we ended up forming a shooting star which of course is a sign of weakness, but we have enough support below that we do not feel that the market is ready to break down. Quite honestly, we are more than willing to buy somewhere near the 4350 level in order to take advantage of a significant support level, and as a result we feel that the market will eventually break above the obvious resistance at 4500.




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