NASDAQ forecast for the week of August 17, 2015, Technical Analysis

The NASDAQ initially fell during the course of the week but found quite a bit of support at the 4950 level to turn things back around and bounce high enough to form a nice-looking hammer. The hammer of course suggests that the market is going to continue the uptrend, which is something that we would’ve expected anyway. Ultimately, the market should head towards the 5200 level, and then perhaps even higher than that. US indices in general have done quite well, and at the end of the day the NASDAQ has been a leader in this aspect, so we fully anticipate the NASDAQ to continue outperforming.