The following is Technical Analysis for the Nasdaq ( NAS ) for 1/01/09, 1/02/09
Nasdaq Support & Resistance Levels - January 2, 2009
Resistance Levels: 1600, 1675
Support Levels: 1552, 1535, 1500
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The Nasdaq closed back above the 10 and 50 day moving averages, a bullish signal that traders look at for a buy signal. The only problem is it happened on low volume on one of he slowest weeks of the year. Three trading sessions ago the Nasdaq tested the key support level of 1500 and it held.
If the Nasdaq can break and close above 1600 next week, I think the Nas could be setting up for a move toward 1700. This would also tell me that the bottom of 1295 is in. If 1500 fails again with high volume, look out below! For Technical Analysis of the Dow, go HERE
If the Nasdaq can break and close above 1600 next week, I think the Nas could be setting up for a move toward 1700. This would also tell me that the bottom of 1295 is in. If 1500 fails again with high volume, look out below! For Technical Analysis of the Dow, go HERE
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