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Saturday, November 8, 2008

Dow Jones 11/10/08 - Stock Market Analysis

The following chart is technical analysis for the Dow Jones Industrial Average ( DJIA ) going into the 11/10/08 trading session.

Dow Jones Support & Resistance Levels

The Dow Jones appears to have put in another low at $8637.17 on Thursday - this price now acts as support. The Dow Jones has been making higher lows for four weeks which is what you want to see in a bottoming pattern. Support is at 8637, 8500, 8175 - if these are broken on a closing basis, The Dow will test the Oct 10th low of 7773.71. Resistance - The Dow Jones is trending below its 10 day moving average at 9046, this is resistance level #1. Resistance level #2 is Wednesday's close of 9139. Then you have Major resistance at 9654-9794. If the Dow can close above 9795 you have a chance for a sustainable rally to about the 10,000-10,262 level and the October 10th bottom should be in. A close above 9794 will open some eyes because this will be the first time two highs were taken out on a closing basis for a long time. I think you can then break out that Dow 10,000 hat that has been collecting dust in your closet from 1999 or 2004. Whats so significant about 10,262? 10,262 is where we closed at on the day of the Bailout Package being passed. What was the high that day? 10844.

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