The following is Technical Analysis for the Nasdaq ( NAS ) for 12/02/08 & 12/03/08
Nasdaq Support & Resistance Levels - December 3, 2008
Resistance Levels: 1500, 1535
Support Levels: 1442, 1400, 1295
http://stockcharts.com - Chart
The Nasdaq closed back over its 10 day moving average today. This is a key level that I use in order to be bullish or bearish. The Nasdaq bounced off of support which was at 1400 after breaking through 1500 yesterday. 1440-1442 will be the level to watch tomorrow for support. As long as we keep closing above the 10 day moving average it is better to be long stocks then short stocks. We are right smack in the middle of the recent trading range of 1400-1500....which ever level we break first from here on out is where we are headed. If we close below 1400 we will most likely retest the lows of 1295. A close above 1500 and I think we will break 1535 and test the 50 day moving average.
Bottom Line, I continue to monitor the 10 day moving average and will get more long the Nasdaq with a close over 1500. As long as we keep closing over the 10 day MA...I will buy the Dips. Market Technicals look good today! For Technical Analysis of the Dow, go HERE
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