10, January 2017

Nasdaq(a 4-hour chart)

Current situation

Nasdaq opened on a positive note on Monday. Traders pushed the price higher and reached the mark 2275 at the begging of the European session. After testing the mark the benchmark sharply dropped to 2270. The price hovered above the moving averages in the 4 hours chart. The 50-EMA crossed the 100-EMA upwards. All moving averages kept pointing higher in the same chart. The resistance is at 2280, the support comes in at 2260.

The MACD histogram edged lower which is a sell signal. RSI consolidated within positive territory.

Trading recommendations

To trigger additional downward momentum towards 4940 the price needs to break the level 4980.