Dow Jones Industrial Average (DJIA) – Let’s look at the index’s key support and resistance analysis for the week of February, 07, 2020, using the weekly chart.
1. As the index regained the momentum and posted solid gains for the week, the support is moved to 28,291 which is the 12/13 week ending high.
2. Though, the index made a new all-time high, but closed below the 1/17 week ending high, the resistance is moved to 29,374.
3. The index not only regained the short term 50 day moving average (DMA) support line, but also closed well above the line.
4. The index continues to trade well above the 200 DMA, the long-term support line, as well.
5. However, the volume came in lower than last week levels.
The index posted +3% gains and recouped all the last week’s losses and added some. It would have been nice if the volume came in heavier for the week.
The S&P 500 posted over +3% gains but the NASDAQ posted rock solid 4% gains and outperformed for the week. Mega cap growth stocks, such as MSFT, APPL, and AMD, posted solid gains for the week.
So the uptrend, which is started the week of 10/4/19, is back on track now. Several of our leading growth stocks successfully tested the 50 DMA support line and now offer potential reentry points.
Around 173+ stocks are posting over 5% gains in the Top Gainers – Growth Stocks Picks, as of this week.
Also do not forget to checkout the Stock Charts Gallery of annotated growth stock charts.
Snapshot of indices performance since 10/4 lows.
| Start | End | Diff (%) | From 52 week high | YTD (%) | |
| Dow | 25,743.46 | 29,102.51 | 13.05 | -1.04 | 1.98 |
| NASDAQ | 7,700.00 | 9,520.51 | 23.64 | -0.58 | 6.11 |
| S&P 500 | 2,855.94 | 3,327.71 | 16.52 | -0.60 | 3.00 |
Previous week chart:
