Dow Jones Analysis 12/1/08 - Stock Market

The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 12/1/08

Dow Jones Support & Resistance Levels - December 1, 2008

Resistance Levels: 8923.18, 9000, 9300
Support Levels: 8672, 8500, 8330

The Dow Jones has gone up five straight days and has built a nice support level at 8500-8600. Monday, Dec 1st will be a crucial day as the volume will come back into the market. I still think we will test 8923 and if we close above this level we can test the 50 day moving average which stands at 9244. Keep an eye on Fridays low of 8672. If 8672 is broken with volume, this will be your first sign that the rally is starting to fizzle out. Next key support that will need to hold would be 8500. There is major support at 8500 and if we close below that the sellers will come back in droves. You would probably get a retest of 8000. Bottom Line: I am still bullish here unless 8672 is broken, in that case you could see the majority of stocks start to give back their recent gains.

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Dow Jones Analysis 11/28/08 - Stock Market

The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/28/08

Dow Jones Support & Resistance Levels - November 28, 2008

Resistance Levels: 8923.18, 9000, 9300

Support Levels: 8600, 8500, 8311

The Dow Jones has made its 4th straight up day closing over strong resistance of 8500-8600. We bounced off the 10 day moving average for the second straight day at around 8300. This is what you want to see if you are long this market. The only downside was the volume was light. The next level of resistance I am looking at is the 8923.18 high from mid November. If we can close above this level you could really get a nice spike to the 50 day moving average which is currently just under 9300. Dow 9000 will be tough to get through however, even harder then the 8500-8600 level today. Speaking of 8500, that is where I am putting my stop loss order... if we close under 8500 at any point, I think the selling comes right back into the market. Bottom Line - I am still very bullish here with a tight stop. Monday the volume will come back and we will see if this rally was for real!

The Stock Market ends at 1pm Est on Friday, November 28th, for the Holiday.

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