The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/21/08
Dow Jones Support & Resistance Levels - November 21, 2008
Resistance Levels: 7773, 8000, 8175
Support Levels: 7500, 7000
Today the Dow Jones broke the Oct 10th low's of 7773. You are seeing the Volatility Index ( VIX ) spike above 80 with this panic. We hit my first level of support at the close, between 7500-7600. If 7500 does not hold tomorrow I am looking for 6900-7100 to buy. It will most likely be quick and you could really get a rip roaring rally from that point. You might even see 8000 after 7000 is hit - It wouldn't surprise me at all in this stock market. The VIX could spike back into the 90's. Both 7773 and 8000 were support, but now will be resistance and people will be selling at these levels. Keep this in mind when you are trading. Also, a huge area of resistance is around 8175 -8190 which were the highs today.....when we close above this level, you could see a push up to 8500. Check out my previous Dow Jones Charts.
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