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Are there Psychological Barriers in the Dow-Jones Index?

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Author Info
Eduardo Ley
Hal R. Varian

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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://129.3.20.41/eps/fin/papers/9401/9401002.pdf
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Publisher 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://129.3.20.41

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

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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: General

Cited by:
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  1. Chris Doucouliagos, 2005. "Price exhaustion and number preference: time and price confluence in Australian stock prices," European Journal of Finance, Taylor and Francis Journals, vol. 11(3), pages 207-221, June. [Downloadable!] (restricted)
  2. Hristos Doucouliagos, 2004. "Number preference in Australian stocks," Applied Financial Economics, Taylor and Francis Journals, vol. 14(1), pages 43-54, January. [Downloadable!] (restricted)
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