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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 December, 13, 2019, using the weekly chart.
2. As the index continues to close in a tight range, the the support remains at 27,399 which is the 7/19 weekending high.
3. As the index made a new high, but closed below it, the resistance changed to 28,291 which is 12/13 weekending high.
4. Though the index had a noticeable price swing for the week, it still closed well above the 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 matched the last week’s level. But, except volatility in volume as the holiday season in full swing and expect impacts from year ending window dressing from the institutions.
So, the index had a little volatile week, but ended in green with mild gains and also closed at the upper half of the weekly price swing.
The gains at the NASDAQ and S&P 500 were noticeable in their weekly chart and they outperformed the the Dow Jones, as the stock like $BA continue to drag the blue chip index.
So, the line of least resistance remains upward and the indices are moving up slowly, but steadily. So, just follow the trend until the zero hour arrives to change the course.
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Previous week chart:
