The following is Technical Analysis for the Dow Jones for 12/8/08
Dow Jones Support & Resistance Levels - December 8, 2008
Resistance Levels: 8675, 8831, 8925, 9000, 9500
Support Levels: 8470, 8300 , 8150, 8000
http://stockcharts.com - Chart
The Dow Jones hit support of 8150 on Friday and rallied into the close after a horrible jobs number. Very Bullish Action! Look for the Dow Jones to have some trouble in the 8675-8831 area which was the trading range on Black Friday. This range will be resistance as well as the 50 day moving average ( Red Line ) coming back into play again. If the Dow Jones closes back over 9000, you could see 9500 very quickly.
Support - The Dow Jones now has SOLID support at 8150-8200 and if this level is closed below, we will most likely test 8000 once again. I am buying pullbacks in the 8300 area which has turned out to be a nice level where buyers come in. Bottom's are made when Stocks go up on Horrible News! Check out Nasdaq Analysis.
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