Using 2001 to 2003 DJIA Lows For Support

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As the DJIA is now closer to breaking down under the mental 9,000 barrier, we wanted to run some old support levels to illustrate where the market used support in the past.  We compiled data for intra-day lows to show what the absolute support was and where the DJIA closed at each month.  Hopefully the markets won’t trade down through that key mental barrier, but he have been receiving requests for some guidance as to what levels held up when the DJIA broke down under those levels.

In the most simple form of technical analysis, these pivot points can become the new theoretical resistance levels.  You will see these levels in the chart and table below.

Below you will see a chart to illustrate it and thereafter you will see a table outlining those lows:

Image1_2

MONTH        LOW        CLOSE
Nov. 2003    9,738.53    9,809.79
Oct. 2003     9,275.06    9,801.12
Sep. 2003    9,199.43    9,275.06
Aug. 2003    8,964.13    9,415.82
Jul. 2003     8,843.61    9,233.80
Jun. 2003    8,823.51    8,985.44
May 2003     8,328.55    8,850.26
Apr. 2003     7,947.38    8,480.09
Mar. 2003    7,397.31    7,992.13
Feb. 2003    7,602.81    7,891.08
Jan. 2003    7,884.66    8,053.81
Dec. 2002    8,214.93    8,341.63
Nov. 2002    8,237.65    8,896.09
Oct. 2002     7,181.47    8,397.03
Sep. 2002    7,422.28    7,591.93
Aug. 2002    7,991.43    8,663.50
Jul. 2002     7,489.53    8,736.59
Jun. 2002    8,831.92    9,243.26
May 2002     9,749.73    9,925.25
Apr. 2002    9,767.15    9,946.22
Mar. 2002  10,086.51   10,403.94
Feb. 2002    9,503.52   10,106.13
Jan. 2002    9,443.32    9,920.00
Dec. 2001    9,651.87  10,021.57
Nov. 2001    8,987.61    9,851.56
Oct. 2001    8,659.90    9,075.14
Sep. 2001    7,926.93    8,847.56
Aug. 2001    9,829.35    9,949.75
Jul. 2001   10,049.38   10,522.81
Jun. 2001  10,313.40   10,502.40
May 2001   10,638.48   10,911.94
Apr. 2001    9,303.48    10,734.97
Mar. 2001   9,047.56      9,878.78
Feb. 2001   10,225.14   10,495.28
Jan. 2001   10,325.71   10,887.36
Dec. 2000   10,158.16   10,787.99

Jon Ogg

October 9, 2008