16, September 2016

Nasdaq(a 4-hour chart)

General overview

Wall Street slightly changed at the open on Thursday. Stocks are evaluating the weak U.S. statistics. NASDAQ was the only index which jumped at the start of the new trading session. The growth of Apple shares boosted the index upwards. Apple is up after its latest iPhone presentation. 

Current situation

The index jumped to a weekly high on Thursday. The price got under buying pressure, buyers were able to push the price towards 4770. NASDAQ broke the level and is heading higher now. The instrument broke the bearish 50 and 100 EMAs and touched the neutral 200-EMA in the 4 hours chart. The resistance is seen at 4800, the support is at 4770.

Trading recommendations

We believe that this is essentially a “buy only” market at the moment. The NASDAQ index now seems to be heading towards its immediate resistance at 4800.