The following is Technical Analysis for the Dow Jones ( DJIA ) for 1/25/09, 1/26/09Dow Jones Support & Resistance Levels - January 26, 2009
Resistance Levels: 8152, 8200, 8350, 8500, 8765
Support Levels: 8000, 7965, 7774
Support Levels: 8000, 7965, 7774
http://stockcharts.com - Chart
The Dow Jones continued its downtrend on Friday but managed to close above 8000. Something has to give here soon as we keep going under 8000 and then bouncing but if we keep doing this next week we are bound to really break down. As soon as the bounce doesn't happen, those who bought under 8000 for the bounce will sell adding more pressure. On the bright side, I feel if we break up through Thursday's high of around 8200 we could reverse this current downtrend. A break above 8350 and it will be confirmed. The chart and the news flow is ugly, but a close above 8500 will have traders feeling good about the market again!
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