The following is Technical Analysis for the Nasdaq ( NAS ) for 1/04/09, 1/05/09
Nasdaq Support & Resistance Levels - January 5, 2009
Resistance Levels: 1675, 1690, 1700, 1785
Support Levels: 1600, 1550, 1500
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The Nasdaq broke and closed over a huge resistance level on Friday of 1600. This is very bullish!! Now I know what some are saying, 1600 was broken on low volume. While this is true, you can't help but to see where it closed, 1632. The next resistance for the Nasdaq is around 1675-1690....look for some resistance selling to be located there. If 1700 is closed over, the Nasdaq could be headed to test the Election High of 1786.Support is now at 1600 and 1550....I will now be buying pullbacks at or below the 10 and 50 day moving averages. For Technical Analysis of the Dow, go HERE
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