As the DJIA is now closer to breaking down under the mental 9,000 barrier, we wanted to run some old support levels to illustrate where the market used support in the past. We compiled data for intra-day lows to show what the absolute support was and where the DJIA closed at each month. Hopefully the markets won’t trade down through that key mental barrier, but he have been receiving requests for some guidance as to what levels held up when the DJIA broke down under those levels.
In the most simple form of technical analysis, these pivot points can become the new theoretical resistance levels. You will see these levels in the chart and table below.
Below you will see a chart to illustrate it and thereafter you will see a table outlining those lows:
MONTH LOW CLOSE
Nov. 2003 9,738.53 9,809.79
Oct. 2003 9,275.06 9,801.12
Sep. 2003 9,199.43 9,275.06
Aug. 2003 8,964.13 9,415.82
Jul. 2003 8,843.61 9,233.80
Jun. 2003 8,823.51 8,985.44
May 2003 8,328.55 8,850.26
Apr. 2003 7,947.38 8,480.09
Mar. 2003 7,397.31 7,992.13
Feb. 2003 7,602.81 7,891.08
Jan. 2003 7,884.66 8,053.81
Dec. 2002 8,214.93 8,341.63
Nov. 2002 8,237.65 8,896.09
Oct. 2002 7,181.47 8,397.03
Sep. 2002 7,422.28 7,591.93
Aug. 2002 7,991.43 8,663.50
Jul. 2002 7,489.53 8,736.59
Jun. 2002 8,831.92 9,243.26
May 2002 9,749.73 9,925.25
Apr. 2002 9,767.15 9,946.22
Mar. 2002 10,086.51 10,403.94
Feb. 2002 9,503.52 10,106.13
Jan. 2002 9,443.32 9,920.00
Dec. 2001 9,651.87 10,021.57
Nov. 2001 8,987.61 9,851.56
Oct. 2001 8,659.90 9,075.14
Sep. 2001 7,926.93 8,847.56
Aug. 2001 9,829.35 9,949.75
Jul. 2001 10,049.38 10,522.81
Jun. 2001 10,313.40 10,502.40
May 2001 10,638.48 10,911.94
Apr. 2001 9,303.48 10,734.97
Mar. 2001 9,047.56 9,878.78
Feb. 2001 10,225.14 10,495.28
Jan. 2001 10,325.71 10,887.36
Dec. 2000 10,158.16 10,787.99
Jon Ogg
October 9, 2008
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