The following is Technical Analysis for the Dow Jones for 1/1/09, 1/2/09
Dow Jones Support & Resistance Levels - January 2, 2009
Resistance Levels: 9000, 9323, 9654
Support Levels: 8750, 8675, 8500, 8350
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The Dow Jones closed above the 10 and 50 day moving averages yesterday which is a bullish signal. The only problem was the low volume. When you don't have liquid markets, a big buy or sell order can push it hard one way or the other.
If the Dow Jones can break above 9000 and close above the high of 9026.41, I think the election high of 9654 could be tested. Dow 9000 will be no easy task, this is a huge resistance area where sellers are lined up. Next week could set the tone for January as we get key earnings reports coming out as well as the Jobs report for December! For more Technical Analysis - Click Here
If the Dow Jones can break above 9000 and close above the high of 9026.41, I think the election high of 9654 could be tested. Dow 9000 will be no easy task, this is a huge resistance area where sellers are lined up. Next week could set the tone for January as we get key earnings reports coming out as well as the Jobs report for December! For more Technical Analysis - Click Here
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