MIB Forecast August 6, 2015, Technical Analysis

The MIB broke higher during the course of the session on Wednesday, slamming into the 23,900 level. We believe that the market is getting ready to break out to the upside and the fact that we close the very top of the range certainly adds credence to the idea. We think pullbacks should be buying opportunities, as the market seems to be well supported near the 23,500 region below. With this, we are bullish but we recognize that it could be a bit choppy trying to get out and above the most recent high that the market has made.