Dow Jones Chart Analysis 16 November 2012

Indicators

1) Trendline - below the downtrend line .. ( Bearish )
2)  Support/Resistance - Formed lower low and lower high ( Bearish ) 

3) MACD - Formed 4R1G ( Bullish ) 
4) RSI - If break above 30% will indicate bullish.. 

5) STO - Bullish crossover (Bullish ) . If break above 20% will indicate more bullish
6) Ichimoku -  a) Price coming entering from the support cloud (Bearish).

                       b) Conversion line  below the base line (Bearish).
                       c) Price close below the baseline ( Bearish) .
7) Candlestick pattern - Hammer on the support at 12531  (Bullish). Required another white candle to confirm the bullish reversal

8) Market Sentiment - Rise after optimistic budget talk .. ( Click here to refer more )

Conclusion:

Bearish
Formed a hammer on the support after digesting the Fiscal Fear and optimistic budget talk to  resolve the Fiscal Fear issue

Resistance-  12716 / 12794 / 12964 / 13057 / 13134 / 13335 / 13583

Support -  12531 / 12314 / 12237 / 11757 / 11649