Dow Jones Analysis 2/17/09 Stock Market Analysis

The following is Technical Analysis for the Dow Jones ( DJIA ) for 2/17/09

Dow Jones Support & Resistance Levels - February 17, 2009

Resistance Levels: 8000, 8100, 8376, 8404, 8500

Support Levels: 7845, 7774, 7693, 7500

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Stock Market Futures

The Dow Jones appears to have put in a short term bottom on Thursday at 7693.98. If this level is broken, I expect a retest of the November 20th, 21st bottoms between 7449 - 7500. This area would need to hold or the Dow could end up testing 7000 or below. At this point, the Dow needs to get above the 10 and 50 day moving averages and stay over them. Every time we break below these averages we resume the main downtrend.

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Nasdaq Analysis 2/17/09 February 17, 2009

The following is Technical Analysis for the Nasdaq ( NAS ) for 2/17/09

Nasdaq Support & Resistance Levels - February 17, 2009

Resistance Levels: 1600, 1665

Support Levels: 1500, 1495, 1460, 1435

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The Nasdaq continues the recent uptrend and has managed to make higher lows since late November. 1600 is major resistance as well as 1665. A close above 1600 would be viewed as very bullish and we could see a nice break out to test 1665. On the downside, support is currently at 1495, Thursday's low before the bounce. The next support level is 1461 which was the made on Feb 2nd. Pullbacks under 1500 have been a strong buy and will continue to be going forward. The Nasdaq closed at 1534.36 which is below the 10 and 50 day moving averages. For More Technical Analysis - Go Here

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