The following is Technical Analysis for the Nasdaq ( NAS ) for 12/12/08
Nasdaq Support & Resistance Levels - December 12, 2008
Resistance Levels: 1530's, 1600
Nasdaq Support & Resistance Levels - December 12, 2008
Resistance Levels: 1530's, 1600
The Nasdaq continues to trade above the 10 day moving average, but barely. Over the past several weeks, this has been the level to buy at. However, this could change soon. If the Nasdaq closes below 1500 in the next several days, I think you could see additional selling to the next support level which is at 1450. We would not only break down technically, we would possibly ever retest 1400. The volume was very weak this morning when we were trading at 1570's and by afternoon the sell volume really hit the market. This is a bearish sign. There were no more buyers near the 1600 resistance level and then the sellers took control. As of now, the test of the 50 day moving average has failed and we are now back at the 10 day moving average. I expected a big move one way or another in the next week and its starting to look like it could be a down move. The next few days will tell us a lot. I am on the sidelines as of now.
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