The following is Technical Analysis for the Nasdaq ( NAS ) for 1/16/09
Nasdaq Support & Resistance Levels - January 16, 2009
Resistance Levels: 1551, 1600, 1665
The Nasdaq tested a major support level today of 1450, hit 1456, and bounced back over 1500. This is very bullish action believe it or not. 1500 now becomes support again and if it is closed below, 1450 will be tested once again. Resistance Levels: The Nasdaq will start to have trouble at or near the 50 day moving average which is currently located at 1539. If this level is broken look for the next resistance level to be at the 10 day moving average, or 1579. The volatility seems to be back so know your support and resistance levels!
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