Dow Jones Analysis 1/2/09 - Stock Market

The following is Technical Analysis for the Dow Jones for 1/1/09, 1/2/09

Dow Jones Support & Resistance Levels - January 2, 2009

Resistance Levels: 9000, 9323, 9654
Support Levels: 8750, 8675, 8500, 8350

http://stockcharts.com - Chart

Today's Biggest Gainers

The Dow Jones closed above the 10 and 50 day moving averages yesterday which is a bullish signal. The only problem was the low volume. When you don't have liquid markets, a big buy or sell order can push it hard one way or the other.
If the Dow Jones can break above 9000 and close above the high of 9026.41, I think the election high of 9654 could be tested. Dow 9000 will be no easy task, this is a huge resistance area where sellers are lined up. Next week could set the tone for January as we get key earnings reports coming out as well as the Jobs report for December! For more Technical Analysis - Click Here

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Nasdaq Analysis 1/02/09 January 2, 2009

The following is Technical Analysis for the Nasdaq ( NAS ) for 1/01/09, 1/02/09

Nasdaq Support & Resistance Levels - January 2, 2009

Resistance Levels: 1600, 1675

Support Levels: 1552, 1535, 1500

http://stockcharts.com/ - Chart

Today's Biggest Gainers

The Nasdaq closed back above the 10 and 50 day moving averages, a bullish signal that traders look at for a buy signal. The only problem is it happened on low volume on one of he slowest weeks of the year. Three trading sessions ago the Nasdaq tested the key support level of 1500 and it held.
If the Nasdaq can break and close above 1600 next week, I think the Nas could be setting up for a move toward 1700. This would also tell me that the bottom of 1295 is in. If 1500 fails again with high volume, look out below! For Technical Analysis of the Dow, go HERE

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