Dow Jones Analysis 3/2/09 Stock Market Analysis

The following is Technical Analysis for the Dow Jones ( DJIA ) for 3/1/09, 3/2/09

Dow Jones Support & Resistance Levels - March 2, 2009

Resistance Levels: 7377, 7449, 7500, 7552

Support Levels: 7036, 7000, 6936

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Stock Market Futures

The Dow Jones set a new 52 week low on Friday bouncing off of the 7036 support level. The volume was very high due to Citi and B of A. I would think the 7000 would offer a nice level of support like 8000 did for awhile. Keep this in mind: October 28, 1997 - The Dow Jones opened at 7161, hit a low of 6936, rallied to a high of 7553 to end the day at 7498. If we get the right news, this is the potential move we could get. The 6936 offers additional support as well. For More Technical Analysis - Go Here

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Nasdaq Analysis 3/02/09 March 2, 2009 - NAS

The following is Technical Analysis for the Nasdaq ( NAS ) for 3/1/09, 3/2/09

Nasdaq Support & Resistance Levels - March 2, 2009

Resistance Levels: 1400, 1438, 1500, 1526

Support Levels: 1315, 1295

http://stockcharts.com - Chart

Stock Market Futures

The Nasdaq closed below support of around 1384-1387 and appears to be going down to test 1315 which is the 52 week closing low. Keep in mind, the Nasdaq has been making bounces back to the 10 day moving average( blue line ) and failing each time. The 10 day moving average is currently at 1438 but is tanking each day. I am waiting for a close over this level before I will hold the QLD overnight. The trends on all the major averages are broken so as a trader I have to respect that! Until they improve, I cannot hold long. For More Technical Analysis - Go Here

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