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Published: 8 May 2026,03:17
Chart The Market
Nasdaq, H4:
Nasdaq Composite has continued to trade with strong bullish momentum, recording fresh all-time highs this week and extending its broader upward trajectory.
However, the index is now approaching a key resistance zone near the 28,850 level, where upside momentum may begin to face increasing pressure. The extended rally has pushed technical indicators into stretched territory, raising the risk of a near-term correction or trend reversal.
The Relative Strength Index (RSI) remains firmly within overbought territory, indicating that bullish momentum is still elevated but potentially overheated. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing signs of forming a bearish crossover at elevated levels—a signal that upward momentum may be fading.
This divergence between price action and momentum indicators supports the view that the Nasdaq could encounter resistance in the near term, with the possibility of a technical pullback emerging should buyers fail to sustain the current pace of gains.
Resistance Levels: 28,850.00, 29,800
Support Levels: 28,050.00, 26,690.00
Dollar Index, H4
The US Dollar Index had previously been trading within a lower-high price structure, reflecting a prevailing bearish bias. However, the latest price action suggests that the index is now attempting to break out of this formation, signaling the possibility of a near-term trend reversal.
Momentum indicators are beginning to support this improving outlook. The Relative Strength Index (RSI) is hovering near the midpoint, indicating that bearish momentum has eased and that buying pressure may gradually be returning to the market.
Meanwhile, the Moving Average Convergence Divergence (MACD) has been forming a higher-low structure, a development that often points to strengthening underlying momentum and aligns with the view of a potential bullish reversal for the index.
A confirmed breakout above the current resistance structure would provide stronger validation of the recovery scenario and could pave the way for further upside momentum in the near term.
Resistance Levels: 156.75, 157.25
Support Levels: 155.60, 154.40
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