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Dow Jones Industrial Average (DJIA) – Let’s look at the index’s key support and resistance analysis for the week of January, 10, 2020, using the weekly chart.
2. As the index posted decent gains for the week the support moved to 28,291 which is the 12/13 weekending high.
3. As the index made another new high, but closed below it, the resistance changed to 29,009 which is 1/10 weekending high.
4. The index came close to test the short term 50 day moving average (DMA) support line.
5. It continues to trade well above the 200 DMA, the long-term support line.
6. The volume picked up pace as it was a full week of trading and also came in above average levels.
Though, the index faced little uncertainty as the week started, but it still ended the week in green with decent gains.
The S&P 500 posted close to +1% gain. However, the NASDAQ posted solid +1.5% gain and out performed. The mega cap growth stocks such as MSFT, FB, APPL continue to charged ahead and had a nice accumulation for the week.
So, the line of least resistance remains upwards since 10/4/19. So, just follow the trend until the zero hour arrives to change the course.
Around 158+ stocks posting over 5% gains in the Top Gainers – Growth Stocks Picks, as of this week.
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Snapshot of indices performance since 10/4 lows.
| Start | End | Diff (%) | |
| Dow | 25,743.46 | 28,823.77 | 11.97 |
| NASDAQ | 7,700.00 | 9,178.86 | 19.21 |
| S&P 500 | 2,855.94 | 3,265.35 | 14.34 |
Previous week chart:
