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Saturday, January 17, 2009

Nasdaq Analysis 1/20/09 January 20, 2009


The following is Technical Analysis for the Nasdaq ( NAS ) for 1/19/09, 1/20/09


Nasdaq Support & Resistance Levels - January 20, 2009


Resistance Levels: 1534, 1568.41, 1600
Support Levels: 1500, 1456




After hitting a low of 1456, the Nasdaq is back over the key support level of 1500. While I remain bullish on the Nasdaq over 1500, it is trading below both key moving averages that I follow, the 10 and 50 day moving averages. As long as this is the case, traders are more inclined to sell when these levels are hit, rather then to hold long positions. The previous uptrend has been broken and it appears that a head and shoulders pattern is forming which would be a bearish set up. Next week I will be watching to see if we can close over both moving averages but if we would get back into the 1600's I will be buying QID


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