Since the start of this year, the Dow Jones Industrial Average seemed to have just been moving sideways by looking at the chart. There were times I thought it had broken down and there were also times I thought it had broken out (kindly check here). Well yeah, the 3-month resistances and supports got broken but this is just looking at the smaller picture. If you look at a bigger picture, the 8-month time-frame for example, the index could just be moving sideways after all.
As it moves sideways, there are current levels we need to be looking at. The immediate support is the 10,000.00 psychological level. If the index drops further below that marker, the next support could be 9,600.00. On the upside, the significant resistance area could be 10,755.70. If the ^DJI moves past above that, the next resistance could be the 11,000.00 psychological level. Once that gets breached, the next resistance is the one-year high at 11,309.00. If any of those levels remain untapped, the Dow Jones Industrial Average could just move within those numbers. The question is, which direction would this US benchmark take in the coming months? Well, it all depends on the future global economic data.
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