Dow Jones Analysis 12/15/08 - Stock Market

The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/14/08, 12/15/08

Dow Jones Support & Resistance Levels - December 15, 2008

Resistance Levels: 8750, 9000, 9026.41

Support Levels: 8500, 8350, 8150

http://stockcharts.com - Chart

The Dow Jones continues to trade over 8500 despite attempted sell offs, very bullish! The Dow also continues to trade over the 10 day moving average. We hit 8150 in pre market futures and went up from there...this has been solid support for the Dow Jones. We now have support at 8500, 8350, and 8150 in which 8150 is very solid. 8150 has held four times in the past two weeks. It seems the Dow Jones is forming a nice base in the mid 8000's. Resistance: There are two strong resistance points, the 50 day moving average ( Red Line ) and 9000. If we can close over the 50 day moving average I think the Dow can break out of this range and start a new uptrend in a bear market in which 9650 could be tested.

More Technical Analysis - Go HERE

For More Stock Market Updates, visit , http://daytradingstockblog.blogspot.com/ or Subscribe for FREE and get my posts right on your homepage or emailed to you.

Nasdaq Analysis 12/15/08 - December 15, 2008

The following is Technical Analysis for the Nasdaq ( NAS ) for 12/14/08 - 12/15/08

Nasdaq Support & Resistance Levels - December 15, 2008

Resistance Levels: 1575, 1603, 1675

Support Levels: 1530, 1500

http://stockcharts.com - Chart

The Nasdaq closed over 1500 for the sixth straight session...reversing from the lows to close back over the 1530 level. 1530 has been last weeks low with the exception of Thursday's late day sell off. The Nasdaq now has solid support at the 1500 level as the 10 day moving average is 1503. I continue to buy pullbacks at or below the 10 day moving average and sell closer to the 50 day moving average until the trend changes.
Resistance: The Nasdaq has been having trouble between the 1575 - 1603 area. If the Nasdaq can close over this area, next stop would be the 1670-1700 resistance level. Closing over the 1603 level would also cause more shorts to cover since the Nasdaq would be closing over the 50 day moving average, 1st time since August. I'm Bullish in the Nasdaq! For more technical analysis, Click Here

For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free