NASDAQ Forecast October 16, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The NASDAQ had a positive session on Monday, but is currently in a cluster of several shooting stars. We currently see the 2700 level as an area of support, but the fact that the market is just sitting in this general vicinity doesn't course cause us to be a little bit hesitant to start buying.

If we see a surge above the 2750 level, at that point time we think that technology stocks will do fairly well. Lately, technology has been the dog of the market, and this could continue. If we close below the 2700 level, you can pretty much bet on it.

 

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