The following is Technical Analysis for the Dow Jones ( DJIA ) for 2/2/09Dow Jones Support & Resistance Levels - February 2, 2009
Resistance Levels: 8300, 8500, 8765
Support Levels: 8000, 7965, 7774
http://stockcharts.com - Chart
The Dow Jones closed at its recent support level of 8000 on Friday. So far, every time we have gone in the 7900's recently we bounce several hundred points. I'd expect this to keep happening but if we would break 7900 intraday, it would really bring in additional selling pressure. The fact that we could not even hit the 50 day moving average last week is very concerning and bearish. I won't be starting any new long positions until we at least close back over the 10 day moving average which is at 8150. Be careful out there!
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