09, September 2016

Nasdaq(a 4-hour chart)

General overview

Wall Street opened lower on Thursday despite the positive Initial Jobless claims report and the ECB decision regarding the rates.

Current situation

The index decreased from the recent high on Thursday. Despite the current decrease the overall tone is still bullish. Buyers are not hurrying to give up their recent gains. The price is struggling for the level 4800 now. The 100-EMA is neutral, the 50 and 200 EMAs are moving upwards in the 4 hours chart. The resistance is seen at 4835, the support is at 4800.

MACD decreased which indicates the buyers’ positions weakening. RSI rebounded from the overbought area

Trading recommendations

The tone is switched to the bearish. We believe the price will break the level 4800 and will fall to 4770.