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NASDAQ 100 Forecast May 6, 2016, Technical Analysis

By:
Christopher Lewis
Published: May 6, 2016, 05:05 UTC

The NASDAQ 100 initially rallied during the day on Wednesday, but turned around to form a shooting star. However, there is support just below so at this

NASDAQ 100 daily chart, May 6, 2016

The NASDAQ 100 initially rallied during the day on Wednesday, but turned around to form a shooting star. However, there is support just below so at this point in time even though it looks like the market may grind a bit lower, quite frankly it is so supported below that we are simply waiting for a supportive candle that we can serve buying, or perhaps a break above the top of the shooting star for the session on Thursday. This is a market that has pullback significantly after a massive move higher, but not so much that most bullish traders will be concerned.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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