INDU Dow Industrials Daily Chart

This morning, the purple circle shows where the Dow Industrials were deciding to either fail under the 20-day MA support at 17694 or breakout above the 50-day MA resistance at 17750. The bulls win with price breaking out to the upside boosted by the rise in oil prices. The 50-day MA becomes support. This level is very important. Each day price is above the 50 is another nail in the bear's coffin. Market bears got nothing unless they push the INDU under 17750 pronto.

The last two candlesticks are hanging men indicating a potential trend change on tap. The buying volume is nowhere near the selling volume from Tuesday. The 20-day MA under the 50-day MA is a negative cross. These indications are all bearish. Bears will only claim victory ahead if the Dow drops under the 50-day MA and then the 20-day MA. If a positive cross occurs with the 20-day above the 50-day there are likely record highs ahead for stocks. The 20-day MA will curl higher as long as price is above. his information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.