The following is Technical Analysis for the Dow Jones ( DJIA) for 12/12/08
Nasdaq Support & Resistance Levels - December 12, 2008
Resistance Levels: 8800, 9000
Nasdaq Support & Resistance Levels - December 12, 2008
Resistance Levels: 8800, 9000
The Dow Jones closed below its 10 day moving average today, a bearish signal but it did hold the support level of 8500. This is the level I will watch for tomorrow. The next support level is 8150 which has held multiple times but I feel if we test 8150 again, it may not hold. Today, we failed at the 50 day moving average for the 4th straight day, another bearish signal. As long as we hold 8500 on a closing basis, the Dow Jones will be fine. As soon as we close over the 50 day moving average, I think we can start another rally. Especially if we close over that 9000 level. I am on the sidelines for now until I see what we do tomorrow.
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