| We had looked at the possibility of the DJIA topping off in our recent video here - http://www.youtube.com/watch?v=d5fXv-cUvOI The DJIA has been holding critical supports that we had discussed and is still showing steam despite the Government shutdown blues in the USA. Supports and resistances have shifted since we last discussed the index. The new important support zone on the DJIA is at 14800-14722.5, this is a zone and breaking this would be critical to the health of the index and for the health of the overall American markets. The index has recently taken support above 15285, which will turn into a stronger support, once held significantly. A stronger resistance lies at 15655 close to the recent high on the DJIA. Minor resistances are at 16818 & 15480. The DJIA index is still in the same bull run that it entered at the beginning of February 2013, as part of a larger bull market that began in 2009. But the index has seen very little performance since June 2013 and has entered a sideways zone. A break above this sideways zone i.e. a break through the resistance at 15655 significantly would propel the DJIA further forward or else we might see it weakening more, specially if the lower support zone ranging from 14800-14722.5 is broken. | |
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