Nasdaq (a 4-hour chart)
The major US stock indexes rose on Monday amid an increased confidence in the US economy. Investors received the proof of the USA economy recovery after the impressive employment data release last Friday. In addition, Labor Market Conditions Index in the USA moderately improved in June which supported the index as well.
The index NASDAQ continued its growth on Monday. The index was supported by Non-Farm release which was published last Friday. The resistance comes at 4600, the support exists at 4550.
The general trend is up at the Daily chart. Indicators are in the green zone. MACD grew that indicates the buyers’ strength. RSI is in the overbought area, it is also a buy signal.
The technical picture was mixed yesterday. The speedy 50-EMA broke through the 100-EMA and approached the 200 EMA in the 4 hours chart. The 100 and 200-EMAs are horizontal. The 1 hours chart showed another picture. The 50, 100 and 200 EMAs are moving upwards. The 50-EMA acts as a support for the quotes.
We believe the growth will be continued now. The buyers’ target is the level 4600.