The following is Technical Analysis for the Nasdaq ( NAS ) for 1/12/09Nasdaq Support & Resistance Levels - January 12, 2009
Resistance Levels: 1600, 1625, 1665
Support Levels: 1600, 1580, 1554
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The Nasdaq closed well below the support level of 1600 and also closed below the 10 day moving average on Friday. The next support level I am watching is 1553 which is the 50 day moving average. If this level is closed below, a retest of 1500 could be in store. As I've said since December, I am bullish on the Nasdaq as long as we stay above 1500...a break below would be a bearish sign. Resistance is back at 1600 once again and the 1665.53 high from last week.The Nasdaq is still in a nice uptrend from the November lows. For More Technical Analysis, Go Here
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