Dow Jones Analysis 2/2/09 - Stock Market Analysis

The following is Technical Analysis for the Dow Jones ( DJIA ) for 2/2/09

Dow Jones Support & Resistance Levels - February 2, 2009

Resistance Levels: 8300, 8500, 8765

Support Levels: 8000, 7965, 7774

http://stockcharts.com - Chart

The Dow Jones closed at its recent support level of 8000 on Friday. So far, every time we have gone in the 7900's recently we bounce several hundred points. I'd expect this to keep happening but if we would break 7900 intraday, it would really bring in additional selling pressure. The fact that we could not even hit the 50 day moving average last week is very concerning and bearish. I won't be starting any new long positions until we at least close back over the 10 day moving average which is at 8150. Be careful out there!

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Nasdaq Analysis 2/02/09 February 2, 2009

The following is Technical Analysis for the Nasdaq ( NAS ) for 2/2/09

Nasdaq Support & Resistance Levels - February 2, 2009

Resistance Levels: 1495, 1518, 1600, 1665

Support Levels: 1434, 1400

http://stockcharts.com/ - Chart

The Nasdaq closed below the 10 and 50 day moving averages once again as well as 1500. This is very bearish action. The next support level is the recent low of 1434.08. If we break through that low, I'd expect 1400 to be tested. I will be buying 1400 as this area held up well back in Nov and Dec and produced some nice rallies.
Overall, the action that we saw last week was very bearish...the test of 1600 failed, we couldn't hold both key moving averages for more then a day. There is just a lot of bad news and selling going on at the moment. For More Technical Analysis - Go Here

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