Nasdaq(a 4-hour chart)
Wall Street opened lower on Thursday following the European stocks decline. The upcoming labour market report (the Non-Farm payroll release) weighs on the U.S. equities as well.
The index remained in the upwards channel. NASDAQ gave up its latest gains and faced a downside pressure yesterday. Sellers were able to move the price lower from the mark 4880 below the level 4865. The downward momentum faded during NY trading session. The price found a solid support at the 50-EMA in the 4 hours chart. The moving averages (50, 100 and 200) are pointing higher. The resistance is seen at 4865, the support is at 4835.
MACD decreased which confirms the current strength of sellers. RSI moved towards the oversold area.
A clear break below the 4865 support will indicate that the upward movement from 4888 is over. The following downward movement could bring prices back to the 4740 area. On the upside, as long as the level holds, the uptrend could be expected to continue.