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Are there Psychological Barriers in the Dow-Jones Index?

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Author Info

  • Eduardo Ley
  • Hal R. Varian

Abstract

The 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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File URL: http://128.118.178.162/eps/fin/papers/9401/9401002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 9401002.

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Date of creation: 18 Jan 1994
Date of revision: 27 Oct 2001
Handle: RePEc:wpa:wuwpfi:9401002

Note: PDF, paper published in Applied Financial Economics, 1994.
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Web page: http://128.118.178.162

Related research

Keywords: Dow-Jones index; psychological barriers; resistance levels; market efficiency;

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Cited by:
  1. Chris Doucouliagos, 2005. "Price exhaustion and number preference: time and price confluence in Australian stock prices," The European Journal of Finance, Taylor & Francis Journals, vol. 11(3), pages 207-221.

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