NASDAQ December 2016 outlook
NASDAQ index on last trading session closed at 5255 with heavy loss.and closed below major pivot support of 5265. . On downside 5125 and 4895 are support zones as well as target zones for this bearish moves. Though daily chart indicators approaching oversold zones, I expect NASDAQ downside up to 5125 and then . On weekly closing above 5265, expect trend reversal and upside short to medium term targets for NASDAQ at 5495 and then 5635. From long term view, NASDAQ is facing strong resistance at 5415 which was its first long term target. But is in strong bullish trend. Watch for breakout above 5415 on weekly closing basis and expect next long term target at 5795.