Monday, August 31, 2009

NASDAQ Forecast End-month Update (Aug)

Here is the update of my monthly forecast. It worked very well. I should tap myself on shoulder :)

We are above the main channel, it would be interesting to see if bulls can push the market higher or not? If NASDAQ drops into the main channel bulls are in big trouble. On the other hand if NASDAQ stays above the main channel it could move higher in the uptrend channel(see the chart in dark blue). My bullish target will be 2160-2155. I need to remind my readers that I'm not bullish, but tape look very good as long as we stay above the main channel . Please note this forecast is based on technical with no fundamentals to support, I'm looking for some difficulty at 2160, we should see bears get very active soon.