The following is Technical Analysis for the Nasdaq ( NAS ) for 12/08/08
Nasdaq Support & Resistance Levels - December 8, 2008
Resistance Levels: 1536, 1600
Support Levels: 1500, 1470, 1400
http://stockcharts.com - Chart
The Nasdaq, like the Dow, hit support ( 1400 ) and rallied hard into the close after a horrible jobs report. The Nasdaq actually performed better and closed over a key resistance level of 1500.
Resistance - There is resistance between 1512.41 - 1535.57 which was the range on Black Friday but a close above 1536 could spark a nice rally to test 1600. If we don't get a big sell off on Monday, this could play out in the coming weeks.
Support - The Nasdaq has SOLID support at 1400 and if we would get a close below 1400 it most likely go down to test the lows again at 1295. Keep an eye on 1470 as the first major level of support if 1500 is broken...1470 will be near the 10 day moving average.
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