The following is Technical Analysis for the Dow Jones ( DJIA ) for 1/19/09, 1/20/09
Dow Jones Support & Resistance Levels - January 20, 2009
Resistance Levels: 8350, 8500, 8765
Support Levels: 8150, 8000, 7965
http://stockcharts.com - Chart
The Dow Jones bounced off 8000 again last week with heavy volume...this is a positive signal but we are still below the last major support level of 8500 and below both the 10 and 50 day moving averages. What is more concerning is that you can see the 10 day moving ( blue line ) average getting ready to dip below the 50 ( red line ) again. This set up is never what you want to see if you are taking long positions. For prices to move higher, you always want to see the 10 day above the 50 day. If the Dow Jones gets back to the 8500 level which is now resistance, traders will probably be starting to sell. For More Technical Analysis - Go Here
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