The following is Technical Analysis for the Nasdaq ( NAS ) for 1/29/09Nasdaq Support & Resistance Levels - January 29, 2009
Resistance Levels: 1580, 1600, 1665
Support Levels: 1517, 1500, 1434
http://stockcharts.com - Chart
The Nasdaq ripped through the 50 day moving average at 1518 and has closed over this level...very bullish, pullbacks under 1500 should be now be bought with a stop at 1434. The next resistance level for the Nasdaq is located between 1580-1600 with 1600 being the major area of resistance. I believe it will take a lot to close above this level and I will be selling Nasdaq 1600 or above. If we break through 1666 which was the early January high, I will be getting back in somehow but using a very tight stop. I am bullish at the moment but we always seem to have these huge moves up in a matter of days and I just have to sell into them because they never hold. For More Technical Analysis - Go Here
http://stockcharts.com - Chart
The Nasdaq ripped through the 50 day moving average at 1518 and has closed over this level...very bullish, pullbacks under 1500 should be now be bought with a stop at 1434. The next resistance level for the Nasdaq is located between 1580-1600 with 1600 being the major area of resistance. I believe it will take a lot to close above this level and I will be selling Nasdaq 1600 or above. If we break through 1666 which was the early January high, I will be getting back in somehow but using a very tight stop. I am bullish at the moment but we always seem to have these huge moves up in a matter of days and I just have to sell into them because they never hold. For More Technical Analysis - Go Here
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