Dow Jones Analysis 12/12/08 - Stock Market

The following is Technical Analysis for the Dow Jones ( DJIA) for 12/12/08

Nasdaq Support & Resistance Levels - December 12, 2008

Resistance Levels: 8800, 9000

Support Levels: 8500, 8150

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The Dow Jones closed below its 10 day moving average today, a bearish signal but it did hold the support level of 8500. This is the level I will watch for tomorrow. The next support level is 8150 which has held multiple times but I feel if we test 8150 again, it may not hold. Today, we failed at the 50 day moving average for the 4th straight day, another bearish signal. As long as we hold 8500 on a closing basis, the Dow Jones will be fine. As soon as we close over the 50 day moving average, I think we can start another rally. Especially if we close over that 9000 level. I am on the sidelines for now until I see what we do tomorrow.

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Dow Jones Analysis 12/11/08 - Stock Market

The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/11/08

Dow Jones Support & Resistance Levels - December 11, 2008

Resistance Levels: 8850, 9000
Support Levels: 8600, 8500

The Dow Jones is stuck in a trading range right now between the 10 day moving average and 50 day moving average...so I am neutral right now. I am looking for a major move to occur over the next week as to where we are headed next. A close over 9000 and I will be bullish, a close below 8500 and I turn bearish as the downtrend will start again. I don't think 8150 support will hold if we go down and test it again.
All eyes are on the auto bailout right now....and it appears its not a lock to pass the Senate on Friday. The markets can really go either way right now and that is why I am neutral.

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Dow Jones Analysis 12/10/08 - Stock Market

The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/10/08

Dow Jones Support & Resistance Levels - December 10, 2008

Resistance Levels: 1600

Support Levels: 1536, 1500

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The Dow Jones attempted to break 9000 yet again but failed today right at the 50 day moving average. We are right in the middle of the current trading range of 8600-9000. I am expecting a major move in the Dow Jones within the next week as the 10 day and 50 day moving averages are coming close together, something usually has to give. As of now, I am still bullish as we are still above the 10 day moving average but if we would close below 8500 support, it could set up more downside pressure. On the upside, a close over 9000 would be very bullish and we could have yet another rally higher to test the 9653 high. As long as we remain over 8500, I think we are OK! More Technical Analysis - Go HERE

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