The following is Technical Analysis for the Dow Jones ( DJIA ) for 1/27/09Dow Jones Support & Resistance Levels - January 27, 2009
Resistance Levels: 8211, 8250, 8350, 8500
Support Levels: 8000, 7935, 7774
http://stockcharts.com - Chart
The Dow Jones had a nice bounce today back to its 10 day moving average but failed at the end of the day. We also broke the recent trading pattern and traded around last Tuesday's high in the low 8200's. If we close back over the 10 day moving average I think we could retest 8500 in the next week. 8500 will be a huge resistance level and it would take a lot for us to break out above it. The Dow held 4 breaks below 8000 last week which is a positive sign for another bottom. However, now that we had this bounce, another break below 8000 would be viewed as bearish and it could get ugly.....something big is brewing
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