NASDAQ Forecast October 22, 2012, Technical Analysis
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The NASDAQ Index fell rather hard during the session on Friday as tech related stocks got absolutely obliterated. Obviously, some of this had to do with Google and its problems, but also Apple suffered as well. Both of these stocks are simply far too much of the tech weight do not affect the market negatively when they are falling apart like they have been.
However, we do see the 2650 level as supportive, and we did stop just above it. The only thing we would be concerned about is the fact that we closed the very lows of the session. This suggests to us that perhaps the markets will find some type of support in this general vicinity.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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