Are there Psychological Barriers in the Dow-Jones Index?
AbstractThe popular press attaches particular significance to certain numerical values of the Dow-Jones index. These magic numbers are referred to as `resistance levels' or `psychological barriers.' We examine 38 years of closing values of this index to see if it is of any help in predicting future stock market returns.
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Bibliographic InfoPaper provided by EconWPA in its series Finance with number 9401002.
Date of creation: 18 Jan 1994
Date of revision: 27 Oct 2001
Note: PDF, paper published in Applied Financial Economics, 1994.
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Dow-Jones index; psychological barriers; resistance levels; market efficiency;
Find related papers by JEL classification:
- G00 - Financial Economics - - General - - - General
- G1 - Financial Economics - - General Financial Markets
- C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
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