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Are there Psychological Barriers in the Dow-Jones Index?

Eduardo Ley and Hal Varian ()

Finance from University Library of Munich, Germany

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.

Keywords: Dow-Jones index; psychological barriers; resistance levels; market efficiency (search for similar items in EconPapers)
JEL-codes: C1 G00 G1 (search for similar items in EconPapers)
Date: 1994-01-18, Revised 2001-10-27
Note: PDF, paper published in Applied Financial Economics, 1994.
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