The following is Technical Analysis for the Dow Jones ( DJIA ) for 4/17/09Dow Jones Support & Resistance Levels - April 17, 2009
Resistance Levels: 8000, 8300, 8500
Support Levels: 7961, 7750, 7535
http://stockcharts.com/ - Chart
The Dow Jones broke through the 8113 high from last week. Since closing back over 8000 yesterday, it is becoming more and more evident how strong this stock market truly is. I continue to eye the 8300-8500 level as strong resistance, it would take a lot to get through 8500 but it could happen. Pullbacks to the 10 day moving average have been heavily bought and this is where I continue to buy. We will eventually retest the 50 day moving average but at what level is the question!! This test of the 50 day moving average will be the real test....if it fails, we could attempt to retest the lows at some point this year. As for now, I am bullish as long as we keep closing over 8000.
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