The following is Technical Analysis for the Nasdaq ( NAS ) for 12/11/08
Nasdaq Support & Resistance Levels - December 11, 2008
Resistance Levels: 1600
Support Levels: 1536, 1500
Support Levels: 1536, 1500
http://stockcharts.com/ - Chart
The Nasdaq appears to have topped out at 1602.92 so any close above this level and I think it could test 1675-1700. This would also be the first time the Nasdaq closed back over the 50 day moving average ( Red Line ) which is currently at 1621.77. This would be bullish!
The Nasdaq is looking good technically but if you get a close under 1500 we might go down to test 1400-1450 with bounces back up to the 10 day moving average. This is what you don't want to see as the downtrend would continue and bring more selling pressure to the Nasdaq.
The Nasdaq is looking good technically but if you get a close under 1500 we might go down to test 1400-1450 with bounces back up to the 10 day moving average. This is what you don't want to see as the downtrend would continue and bring more selling pressure to the Nasdaq.
Bottom Line: Things are looking strong....keep an eye on the 10 day moving average and both the 1500 level on the downside and 1600 on the upside. Volume Has Been Rather Weak Lately which is a sign this rally could be fizzling out.
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