Dow Jones Analysis 3/23/09 Stock Market Analysis

The following is Technical Analysis for the Dow Jones ( DJIA ) for 3/23/09

Dow Jones Support & Resistance Levels - March 23, 2009

Resistance Levels: 7500, 7695, 8000

Support Levels: 7200, 7152, 7000

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Stock Market Futures

The Dow Jones hit major resistance at the 7500 level and failed to close above this area. The Dow will now be retesting the 10 day moving average next week under 7200. This will be a big test, a close under this level for a few days could set up the Dow to test the 6800-7000 level. If this rally was for real, we will hold 7100 and not break down again. On the upside, I will be getting long on a close above 7500 as a new break out will occur. Next week will be a real test for all the major averages. For More Technical Analysis - Go Here

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S&P 500 Analysis 3/23/09 March 23, 2009

The following is technical analysis of the S&P 500 for Monday, March 23, 2009

S&P 500 Support & Resistance Levels - March 23, 2009

Resistance Levels: 780, 800, 804

Support Levels: 750, 741, 700, 667

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Stock Market Futures

The S&P 500 has topped out at the major resistance level of 800 and now appears ready to go back to the 10 day moving average currently located at 750. The S&P remains in a downward channel and if you would get a close above 800, the S&P would see further upside.
In addition to support at 750, a close below 741 would be really bad for the S&P 500. 741 was the major low that was broken several weeks ago. After making a new low at 666.79, we closed back over 741 and went back to 800. I personally keep an eye on the 10 day moving average as a sign of strength and weakness. Whenever we are over it, investors buy the dips. Whenever we are below the 10 day, investors sell an rally. For More Technical Analysis - Go Here

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