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Saturday, December 20, 2008

Dow Jones Analysis 12/22/08 - Stock Market


The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/21/08, 12/22/08


Dow Jones Support & Resistance Levels - December 22, 2008


Resistance Levels: 8700, 8935, 9000
Support Levels: 8500, 8300, 8150, 8000



The Dow Jones is starting to look weak and has formed a double top at 9000. At this point, a close above 9000 would be huge and could take the Dow up to test the election high of 9653.
Although the Dow Jones has closed below both 10 & 50 day moving averages for the second straight day, I am still bullish on the Dow as long as it closes over 8500 which has been a key support level. A close below 8500 would start a break down and would flash a sell signal in my book. 8300 would be your next level of support as well as 8150. The 8150 level has been virtually bullet proof over the past month so this is where i'd look to buy.


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Nasdaq Analysis 12/22/08 December 22, 2008


The following is Technical Analysis for the Nasdaq ( NAS ) for 12/21/08, 12/22/08


Nasdaq Support & Resistance Levels - December 22, 2008


Resistance Levels: 1590, 1600

Support Levels: 1557, 1535, 1500




The Nasdaq continues to hit resistance just below 1600 and sells off back to the 10 day moving average...this has been the trend over the past two weeks. A close over 1600 would be a breakout and the Nasdaq could then test the next resistance of 1675-1700.

Support: The Nasdaq has support at around 1557 and 1535, after that you have key support of 1500. As long as the Nasdaq stays over 1500, I am bullish.


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