Nasdaq (a 4-hour chart)
U.S stocks traded close to the closing levels. Nasdaq took a pause after setting new all-times highs.
The index retreated from the fresh all-times highs. Traders pushed the price lower. Nasdaq remained in an ascending channel, the price is close to its lower limit. The resistance is at 4800, the support stands at 4700.
MACD is still positive. MACD grew which indicates the sellers’ positions weakening. RSI left the overbought area and is advancing south.
The price is approaching the 50-EMA in the 4 hours chart. The 50-EMA acts as a support for the price. The 50, 100 and 200 EMAs are heading higher.
The price may pull back from the fresh highs. The sellers’ target is the level 4750 where the 50-EAM lies.