Nasdaq(a 4-hour chart)
Wall Street traded lower on Tuesday as traders waited for new clues for the possible rate hike from the Fed.
The technical picture presents a bearish tone. Bears are gradually gaining more overall control. Traders led the price from the level 4800 to the support at 4770. The instrument bounced from the 100-EMA in the 4 hours chart. The 50-EMA is crossing the 100-EMA downwards. The 100 and 200-EMAs are trending upwards, the 50-EMA is pointing downwards. The resistance is seen at 4800, the support lies at 4770.
MACD decreased which confirms the strength of sellers. RSI is heading towards the oversold area.
If Nasdaq makes a breakout of 4770 that may trigger an additional downward momentum towards 4740.