02, September 2016

Nasdaq(a 4-hour chart)

Current situation

The index pulled back a little from the weekly highs. The price moved away from the 4800 level and approached the mark 4740. The instrument pulled back from the 50-EMA in the 4 hours chart. The 50-EMA crossed the 100-EMA. The 50 and 100 EMAs are neutral, the 200-EMA is pointing upwards. The resistance is seen at 4770, the support lies at 4740.

MACD decreased which indicates the buyers’ positions weakening. RSI is moving towards the oversold area.

Trading recommendations

If the downward pressure persists Nasdaq will decrease to the 4750 region where it can pull back to 4800.