26, July 2016

Nasdaq (a 4-hour chart)

Nasdaq (a 4-hour chart)

General overview

The USA Bonds market decreased on Monday. Investors are getting ready for the new earning reports and the Fed meeting.

Current situation

The index was neutral on Monday. NASDAQ spent the day at the current support level 4650. The resistance is at 4700, the support stands at 4650.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from to the overbought area which is a sell signal.

The index failed to regain the 50-EMA and stopped at it in the 1 hour chart. The 50-EMA is horizontal, the 100 and 200 EMAs are moving upwards.

Trading recommendations

If the price fixates below the support 4650, it may continue the downward trend in the short term. The potential target is 4600.