Nasdaq(a 4-hour chart)
Wall Street futures were flat at the open on Wednesday as investors looked forward to Trump’s first press conference since his election victory later in the day. Traders did not hurry to build up fresh positions preferring wait and see mode.
After posting fresh multi months highs at 5044 the index rolled back and returned to 5020 where buyers took a breath consolidating their recent gains. Another attempt to grow took place in the early trades on Wednesday. Buyers managed to reverse their early losses and moved the benchmark to 5030. According to the 4 hours chart the price continued developing well above the moving averages. The moving averages kept pointing higher in the mentioned timeframe. The resistance is at 5060, the support comes in at 5020.
MACD remained at the same level which confirms the strength of buyers. RSI consolidated within the positive area.
We prefer to stay bearish for now. If we see a close below 5020 we will sell. Our next level to focus on is 4980.