07, September 2016

Nasdaq(a 4-hour chart)

General overview

US stocks grew on Tuesday after weak services data. Non-Manufacturing PMI report weighed on Forex market and fueled rally of riskier assets - including stocks.

Current situation

The index had a positive day on Tuesday. Nasdaq continued moving higher and approached record highs touched in mid-August. The price bounced from the 100-EMA in the 4 hours chart. The instrument is well above the moving averages now which are pointing higher. The resistance is seen at 4835, the support lies at 4800.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. RSI is close to the overbought area.  

Trading recommendations

As long as market is holding above 4800 the upward pressure will continue towards 4835.