29, September 2016

Nasdaq(a 4-hour chart)

General overview

Wall Street traded flat at the open of the North American session. Investors waited for Yellen’s speech and the OPEC producers’ meeting outcome.

Current situation

The index started its Wednesday’s trade in a flat. The price consolidated its gains after the rally the day before. NASDAQ spent the day near 4865, the quotes were moving back and forth around the level. The price is hovering above the 50-EMA. The 50, 100 and 200 EMAs are moving higher. The resistance is seen at 4865, the support is at 4835.

MACD is in the positive area. The histogram grew which is a buy signal. RSI is approaching the overbought area.

Trading recommendations

The price may slightly pull back to 4835. If the upward pressure continues the index will grow further. The mark 4890 is the next buyers’ target.