The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/26/08
Dow Jones Support & Resistance Levels - November 26, 2008
Resistance Levels: 8500, 8607, 8923.18
Support Levels: 8280, 8175, 8000
Support Levels: 8280, 8175, 8000
The Dow Jones has closed above its 10 day moving average for the second straight day which is very bullish. The stock market looked ugly during the afternoon hours but the Dow Jones hit the 10 day MA at 8280 and bounced off to close at 8480. This is the type of action you want to see if you are long this stock market. The Dow Jones is still fighting with this 8500 level...we need to close over it and then close over 8600 and then I think we will test the 8923 high from Mid November. Right now we are in a very tight range from 8300 to 8600 and we could linger here for awhile until a new direction is taken. The Volatility Index ( VIX ) has come down to around 60 so this is also a bullish sign. Investors are starting to feel a bit more comfortable holding stocks right now. I am buying stocks every time we hit the 10 day moving average until further notice. This was the first time the Dow Jones went up three straight days since Sept 10th, 11th, and 12th of 2008. For my past technical charts of the Dow Jones - Go HERE
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