The following is Technical Analysis for the Nasdaq ( NAS ) for 12/23/08
Nasdaq Support & Resistance Levels - December 23, 2008
Resistance Levels: 1545, 1575
Support Levels: 1500, 1450
http://stockcharts.com - Chart
http://stockcharts.com - Chart
The Nasdaq was very weak today and tested the key support of 1500 but there was buying near the close. This is a level worth watching. If 1500 is closed below, the next support level would be 1450. Today was the first time the Nasdaq broke well below the 10 day moving average since the election high of 1785 was made. Resistance is now at the 10 day moving average which is located around 1548. I am still bullish on the Nasdaq as long as we stay above 1500. A close above 1600 would cure all of this!
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