Dow Jones Open 12/12/08 - Stock Market

Today, 12/12/08, the Stock Market and Dow Jones have come off their lows as the White House put out a statement saying they are prepared to step in and help the automakers. The Dow Jones Futures were down around 300 this morning but we have gone up 200 points from the low. The Dow is testing key resistance that was support of 8500. We'll see where we close today but make sure you keep an eye on the GMAC decision for later today.

Stock Market Opening Prices December 12, 2008 10:00am

Dow Jones Open - Down 81
Nasdaq Open - Up 4
S&P 500 Open - Down 7

Today's Biggest Gainers 12/12/08

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Auto Bailout Fails 12/12/08 - Dow Futures

The Auto Bailout talks have failed in the Senate tonight and Stock Market Futures are pointing significantly lower, something that I feared would happen. The White House will now review this and decide if they will use TARP money I assume.

Harry Reid called the bill's collapse "a loss for the country," adding "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."

Stock Market Futures for December 12, 2008

Dow Jones Futures - Down 320
Nadsaq Futures - Down 45
S&P 500 Futures -Down 39

It looks like we will test 8150 on the Dow Jones tomorrow.

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Dow Jones Analysis 12/12/08 - Stock Market

The following is Technical Analysis for the Dow Jones ( DJIA) for 12/12/08

Nasdaq Support & Resistance Levels - December 12, 2008

Resistance Levels: 8800, 9000

Support Levels: 8500, 8150

http://stockcharts.com - Chart

The Dow Jones closed below its 10 day moving average today, a bearish signal but it did hold the support level of 8500. This is the level I will watch for tomorrow. The next support level is 8150 which has held multiple times but I feel if we test 8150 again, it may not hold. Today, we failed at the 50 day moving average for the 4th straight day, another bearish signal. As long as we hold 8500 on a closing basis, the Dow Jones will be fine. As soon as we close over the 50 day moving average, I think we can start another rally. Especially if we close over that 9000 level. I am on the sidelines for now until I see what we do tomorrow.

More Technical Analysis - Go HERE

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Nasdaq Analysis 12/12/08 - December 12, 2008

The following is Technical Analysis for the Nasdaq ( NAS ) for 12/12/08

Nasdaq Support & Resistance Levels - December 12, 2008

Resistance Levels: 1530's, 1600

Support Levels: 1500, 1450

http://stockcharts.com - Chart

The Nasdaq continues to trade above the 10 day moving average, but barely. Over the past several weeks, this has been the level to buy at. However, this could change soon. If the Nasdaq closes below 1500 in the next several days, I think you could see additional selling to the next support level which is at 1450. We would not only break down technically, we would possibly ever retest 1400. The volume was very weak this morning when we were trading at 1570's and by afternoon the sell volume really hit the market. This is a bearish sign. There were no more buyers near the 1600 resistance level and then the sellers took control. As of now, the test of the 50 day moving average has failed and we are now back at the 10 day moving average. I expected a big move one way or another in the next week and its starting to look like it could be a down move. The next few days will tell us a lot. I am on the sidelines as of now.

More Technical Analysis - Go HERE

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