The following is Technical Analysis for the Nasdaq ( NAS ) for 1/23/09
Nasdaq Support & Resistance Levels - January 23, 2009
Resistance Levels: 1500, 1523, 1600, 1665
The Nasdaq closed back under the 1500 level today but managed to hold the recent low of 1440.86. This is a positive sign in a recent downtrend. The 10 day moving average ( Blue Line ) and getting ready to break back through the 50 Day moving average ( Red Line ). This action is a very bearish signal and if this doesn't improve you could see the Nasdaq break down even further. Right now the Nasdaq has nice support between 1440-1460 and has been bouncing off this level for the past week. I will get more bullish when we close back over 1523 which is right around both moving averages. For More Technical Analysis - Go Here
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