29, November 2016

Nasdaq(a 4-hour chart)

Current situation

NASDAQ gapped lower at the open on Monday. After the gap the index stayed in a flat, trading range-bound-to lower. Sellers tried to leave a flat post-Europe open but failed and the price returned in the range. NASADQ hovered above the 50-EMA in the 4 hours chart. The 50 and 100 EMAs maintained their bullish slopes while the 200-EMA remained neutral. The resistance is at 4865, the support comes in at 4830.

MACD decreased which indicates the buyers’ positions weakening. RSI traded to the downside.

Trading recommendations

We believe the benchmark will maintain its bearish tone in the near-term. A clear break below 4830 would indicate that the bearish phase has resumed. After the break sellers will aim at 4800.