DJIA went past 11,000

I went back to Malaysia during the weekend. I was supposed to go back the weekend before last but my relatives shifted the schedule for Chin Min as my mom was not freed up.

The members attending the Chin Min is getting lesser. At least 2 of my uncles was not joining us, well, may be they join us in spirit, mainly because they have passed away. Only my parents and my forth uncle and his wife joined us. The rest are my cousins.

We used to have a huge group and there were a lot of fun. Now we left with the males since the married females are not allowed to join us for the prayers to our ancestors.

Anyway, I got more time during the weekend to check up on the counters but not the internet access in Malaysia, so I did not up-date much on my blog.


Fig 1 DJIA Daily Chart

As I looked at the DJIA chart, it broke through 11,000. Well, this is not really much "pwsychological" in value, just happened that it ends with "0" does not mean anything if you are into charting. The numbers that charts normally stop at are quite odd. In fact, I was expecting a resistance at 10,955, which it paused for a moment.

It is quite strange to see DJIA continues to climb even when its leading indicators Stochastic and RSI kept flashing warnings with divergence. With the index now above 10,955 which I assume to be a top (not "the top"), I can use this as the basis of my projection using Fibonacci. If DJIA continues to climb after this, it is going to hit the Fibonacci projection resistance at 11,196. I believe that would be the limit should it continues.

If on the other hand, it retrace from here, it is going to get support at the 21-day Moving Average @ 10,832. Coincidentally, there is also a support at 10,827. So this might be a good spot for a rebound.