The Dow Jones is reaching a support area, a price support area actually. And it is also touching the 50 MA. When an index reaches an area of price support that coincides with the rising 50 MA, it can be a powerful combination that can keep the index from dropping. So at least at the moment, we are looking for a bounce up. The shorter timeframes such as the 60 min has not given any trend change yet but we are going to monitor the Dow and the other 2 indexes for any change of trend in the smaller time frames that coincides with the support in the daily chart.
It is important to note that the small caps and midcaps are at important points and we do not want to see them drop below a longer term support. Let's have a look at what the charts are telling us.
Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com
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