Dow Jones Index (^DJI) Technical Analysis

Today we'll analyze the Index ^DJI for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 12,694.28$ (02/27/08) to 11,740.15$ (03/10/08) a 954.13$ move
2- The current bullish trend started from 11,740.15$ at 03/10/08 and is currently trading at 12,619.27$.

3- The stock current support level is at 12,329.80 which is the 61.80% fibonacci retracement of the last 954.13$ move.
4- The stock current resistance level is at 12,694.28 which is the 100.00% fibonacci retracement of the last 954.13$ move.
5- According to ADX, the trend is currently bullish,which is becoming weaker.
Short term chart patterns :

6- The Index formed Double Top Pattern at 12694.3.
Mid term chart patterns :

7- The Index was resisted by a resistance line, identified by two points: 12743.2 and 13727 that was broken up at 12156.8 transforming into a supporting line.
Long term chart patterns :

8- The Index was supported by a support line, identified by two points: 9749.99 and 7524.06 that was broken down at 13567.9 transforming into a resistance line.

Conclusion:
^DJI was trading in a bullish wave, which is becoming weaker .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .

Resistance Levels: 12,625.23, 12,654.00, 12,682.77, 12,694.28, 12,953.80, 13,283.93, 14,495.02.
Support Levels: 12,411.80, 12,329.80, 12,283.45, 12,217.21, 12,179.71, 12,104.63, 12,075.97, 11,965.33, 11,740.15, 11,349.42, 10,967.29, 10,952.20, 10,937.10, 10,922.00, 10,906.91, 10,891.81, 10,876.72, 10,865.30, 10,861.62, 10,856.37, 10,846.53, 10,831.43, 10,816.34, 10,801.24, 10,786.15, 10,771.05, 10,755.96, 10,740.86, 10,711.23, 10,707.31, 10,570.68, 10,547.10, 10,523.52, 10,499.94, 10,305.77, 10,175.64, 7,992.13, 7,686.90, 7,675.57, 7,664.24, 7,652.92, 7,641.59, 7,205.52, 7,193.72, 7,181.92, 7,170.12, 7,158.32, 7,146.52, 7,134.72, 6,268.35, 3,879.55, 3,872.11, 3,864.68, 3,857.25, 3,849.81, 3,842.38, 3,834.95, 3,827.51, 3,820.08, 3,812.65, 3,805.21, 2,896.04, 2,893.55, 2,891.05, 2,861.51, 2,851.85, 2,842.18, 2,620.90, 2,612.83, 2,604.76, 2,596.69, 2,588.63, 2,515.18, 2,511.88, 2,508.58, 2,375.70, 2,371.05, 2,366.39, 2,361.74, 2,357.08, 2,352.43, 2,333.04, 2,330.57, 2,328.10, 2,325.62, 2,243.04, 1,990.62, 1,985.41, 1,766.16, 1,765.11, 1,764.06, 1,754.36, 1,752.25, 1,750.14,.