09, August 2016

Nasdaq (a 4-hour chart)

Nasdaq (a 4-hour chart)

General overview

Wall Street opened higher at the start of the new week. Stocked renewed all time highs on Friday on the back of the strong NFP report. The quotes moved lower during the day.

Current situation

The tone is still positive. However, the price bounced from the level 4800. The resistance is at 4800, the support stands at 4700.

MACD is in the positive area. The histogram decreased which indicates the buyers’ positions weakening. RSI left the overbought area.

The price is approaching the 50-EMA in the 4 hours chart. The 50, 100 and 200 EMAs are heading higher.

Trading recommendations

The price may roll back to 4750 where we expect it to bounce upwards towards 4800.