The following is Technical Analysis for the Nasdaq ( NAS ) for 3/1/09, 3/2/09Nasdaq Support & Resistance Levels - March 2, 2009
Resistance Levels: 1400, 1438, 1500, 1526
Support Levels: 1315, 1295
http://stockcharts.com - Chart
The Nasdaq closed below support of around 1384-1387 and appears to be going down to test 1315 which is the 52 week closing low. Keep in mind, the Nasdaq has been making bounces back to the 10 day moving average( blue line ) and failing each time. The 10 day moving average is currently at 1438 but is tanking each day. I am waiting for a close over this level before I will hold the QLD overnight. The trends on all the major averages are broken so as a trader I have to respect that! Until they improve, I cannot hold long. For More Technical Analysis - Go Here
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