NASDAQ Tries to Rebound

01/28/2010 9:48 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The NASDAQ closed higher yesterday as it is trying to bounce after slightly violating the uptrend that goes back to the July lows. A more impressive rally is needed to call the break into question. There is strong resistance in the 2270-2300 area. The McClellan Oscillator has turned up from moderately oversold levels at -150. It is holding above the October lows at -248. It needs to move above the zero line to turn more positive. There is next support at 2150.

Related Articles on STRATEGIES