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Are there psychological barriers in the Dow-Jones index?

Are there psychological barriers in the Dow-Jones index?,10.1080/758526902,Applied Financial Economics,Eduardo Ley,Hal R. Varian

Are there psychological barriers in the Dow-Jones index?   (Citations: 23)
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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’. In this note we examine 41 years of closing values of the Dow-Jones index to see if it is useful for predicting future stock market returns.
Journal: Applied Financial Economics , vol. 4, no. 3, pp. 217-224, 1994
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