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Monday, August 17, 2009

Dow Jones Analysis 8/18/09 Stock Market Analysis

Dow Jones Chart - The following is Technical Analysis for the Dow Jones ( DJIA ) for 8/18/09

Dow Jones Industrial Average ($DJI) Support & Resistance Levels - August 18, 2009

Resistance Levels: 9438, 9500

Support Levels: 9040, 9000, 8800

The Dow Jones gapped and closed below the 10 day moving average on Monday, a bearish signal for the short term but an overdue correction that is needed for the long term. 9000 has been a solid support level and while I am cautious with my trading because of Monday's move, as long as the Dow can keep closing over 9000, I am remain bullish. If the Dow Jones closes below 9000, I will become very concerned. I would then look for the 50 day moving average to be retested. On the upside, rallies back to the 10 day moving average will hit resistance as well as the 9400's. A close above 9438 at any time will start another huge rally. For More Technical Analysis - Go Here

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