The following is Technical Analysis for the Nasdaq ( NAS ) for 12/05/08
Nasdaq Support & Resistance Levels - December 5, 2008
Resistance Levels: 1500, 1535
Support Levels: 1400, 1295
http://stockcharts.com - Chart
The Nasdaq failed at 1500 this morning, 12/5/08, and it was sold back to the 10 day moving average yet again. This has been the trading range over the past week and although we ended down today, the trading action is still bullish. Tomorrow we get the jobs number, a huge event that will move the markets and set the stage for the coming weeks and maybe even the rest of the month. Nasdaq has major resistance at 1500 and 1535, a close over 1535 and you could easily see 1600 be tested rather quickly. On the downside, 1400 must hold on a closing basis, if we close back under 1400 at any point with volume, the sellers will be lining up to sell.
Friday's Job's Report will be a big event!
Friday's Job's Report will be a big event!
For Technical Analysis of the Dow, go HERE
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