NASDAQ Index forecast for the week of October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The NASDAQ 100 had a bullish week initially, but turned around and gave back all of the gains in order to form a shooting star. This shooting star sits just above the 3000 level, and looks very bearish from our point of view. In fact, if we can get a daily close below the 3000 level, we expect this market to continue lower down to the 2750 area.

Tech related stocks have been the dogs of the stock market lately, and we think this trend continues. With earnings disappointing, we think bearishness shall be the attitude over the next couple of weeks.

 

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