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Tuesday, October 29, 2013

Watch the Red Lines - Market Resistance & Support Graphs

Resistance and Support Levels for the Dow & S&P500 

The exchange traded funds (ETF) for the Dow and S&P500 are DIA and SPY, respectively. 

My chart below shows the Dow and S&P500 as indexes and the ETFs with dividends reinvested.  

  • DIA, with dividends reinvested, seems to be forming a base after testing support from above.
  • The S&P500, $SPX in the graph, is above resistance turned support.  That line would be the first level of strong support if there is any further market weakness.
  • The NASDAQ is above a 19-year support-turned-resistance-back-to-support line that was resistance for 11 years.  Below is a blow-up of the NASDAQ graph.
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