13, October 2016

Nasdaq(a 4-hour chart)

 General overview

Wall Street opened lower ahead of the Fed minutes publications.

Current situation

The index recovered in the Asian session on Wednesday However, its recovery was limited by the 2140 resistance. Prices bounced off the level and moved lower. NASDAQ traded around 2130 before the Fed meeting. The index is below the moving averages in the 4 hours chart. The moving averages maintained their moderately bearish slope. The resistance is seen at 2140, the support is at 2130.

MACD is in the negative area. The MACD histogram decreased which indicates the sellers’ strength. RSI is within the oversold area.

Trading recommendations

The price needs to break 2130 to move south. Should NASDAQ recover ground and advance beyond 2140 the index may extend its gains towards 2150.