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Worden Discussion Forum » General Discussions » Stock and Market Talk » New support levels for the Dow

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jjhart52
Posted : Sunday, July 13, 2008 1:52:14 PM

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jjhart52
Posted : Sunday, July 13, 2008 2:04:19 PM

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 We clearly broke through the lows of 2007 and are now headin toward the lows of 2006. Next support level is around 10,800. Also weekly chart shows Dow is now below the 200-day moving average.  Won't be a Bear Market to me unless the 50-day crosses below the 200-day. Definitely a troubled mmarket though. We could start to see some consolidation towards the next support level.
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driger
Posted : Sunday, July 13, 2008 2:31:02 PM

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QUOTE (jjhart52)
Also weekly chart shows Dow is now below the 200-day moving average.  Won't be a Bear Market to me unless the 50-day crosses below the 200-day. Definitely a troubled mmarket though. We could start to see some consolidation towards the next support level.


50 day has been below the 200 day for months. its a bear. your looking at a weekly up there.
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jjhart52
Posted : Monday, July 14, 2008 12:35:01 AM

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Yes the daily 50-day moving has been below the 200 day since the begining of the year. The months that followed, after the begining of the year, reflect what most would call a recession in my opinion. However to me a fulling integreted Bear Market isn't until the longer term views are showing the 50-day change as mentioned above. the termology used to call a bear market, (when dow looses 20% of value), is what most consider, however stocks had lost 20% of there values only to gain it back plus more.

I know the overall economy isn't so "rosey." However not all sectors has been afflicted by the Dows down turn.
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driger
Posted : Monday, July 14, 2008 12:51:49 AM

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 well to each his own but,  2 quarters of negative gdp is considered a recession. which hasn't happened yet, if you believe government figures.

fyi

on your chart up above, your moving averages are a 50 and 200 "week" moving average. 

a 200 period moving average on a weekly chart is called a 200 "week" moving average.

a 200 period moving average shown on a daily chart is called a 200 "day" moving average.

big difference.
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