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October 13, 2013
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Dow Jones Industrials Still Trading Above Key Support Levels
This week, the Dow Industrials bounced-off its 200-day moving average and technical traders relaxed a little.
Earlier in the week, a number of U.S. stock indexes briefly slipped below their 50-day averages. Despite the Shut-Down, they have bullishly regained those support lines.
A key example took place in the Dow Industrials. The chart shows the Dow bouncing off initial chart support at its late August intra-day low (14760) and its 200-day average (red line). For technical traders, that is a very important test.
The sharp rally has kept the Dow above those two important support levels.
Posted at 04:31 PM in Current Affairs, Market Commentary, Trading, Trading Tools | Permalink
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