The following is Technical Analysis for the Dow Jones for 1/4/09, 1/5/09
Dow Jones Support & Resistance Levels - January 5, 2009
Resistance Levels: 9150, 9323, 9654
Support Levels: 9000, 8750, 8650, 8500, 8350
The Dow Jones finally broke through the resistance level of 9000 on Friday. While this happened on low volume, it is impressive to see and a very bullish signal. The Dow Jones has another hurdle of 9150 resistance to get through before testing the Election High of 9654. Dow 9000 now acts as support as well as 8750.
I will be buying pullbacks at and below the 10 and 50 day moving averages with a stop at 8500. Next week will be critical as we get the December Jobs Report among other key economic data.
I will be buying pullbacks at and below the 10 and 50 day moving averages with a stop at 8500. Next week will be critical as we get the December Jobs Report among other key economic data.
For Technical Analysis of the Nasdaq, go HERE
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