The sum of all of the KEY LEVELS of the DJIA stocks that have reported as of August 2, 2015 represents a resistance level if the market is below it or a support level if the market is above it.
The latest batch of earnings from the oil sector have weighed down the number (CVX, DD, XOM, in particular) from 18,150 down nearly 400 points to 17,769.
The interesting part is how the market peaked right at the KEY LEVEL in the recent run-up after it had violated the widely followed 200 day moving average. I graph the 1-year moving average or 253 days because I believe that is even more useful than an arbitrary 200 days.
Use this information however you wish and feel free to comment and review the past charts of this time-consuming calculation.
Cheers,
Tim 3:41PM EST August 3, 2015
I can post an additional chart that has each symbol with a box on the date that it reported, but I want to get this chart out to you all right now. Thanks.
The latest batch of earnings from the oil sector have weighed down the number (CVX, DD, XOM, in particular) from 18,150 down nearly 400 points to 17,769.
The interesting part is how the market peaked right at the KEY LEVEL in the recent run-up after it had violated the widely followed 200 day moving average. I graph the 1-year moving average or 253 days because I believe that is even more useful than an arbitrary 200 days.
Use this information however you wish and feel free to comment and review the past charts of this time-consuming calculation.
Cheers,
Tim 3:41PM EST August 3, 2015
I can post an additional chart that has each symbol with a box on the date that it reported, but I want to get this chart out to you all right now. Thanks.
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