Is Dow Jones bottoming out ?

In my opinion - DJIA is getting warm. Looking at its daily chart, the high flying ADX has now begun to fall which usually mean its prior trend (bearish) has now ceased (at least for the short term). Also when we see the ADX is above both the D- and D+, it is usually a sign of the market is grossly oversold. This is a more accurate reading of an oversold market than the oscillator indicators like RSI or Stochastic going below 20's zone. The Stochastic has crossed up positively and now heading towards its 50 signal line. The most pleasing item is its MACD which has positively crossed up and go towards its zero signal line. But the most important thing that I like about this chart is its bullish divergence where DJIA prices has been falling to new lows but its MACD has failed to follow suit. Instead it has now formed higher troughs which is telling us the nasty bears are getting exhausted and running out of momentum.

I am not saying that DJIA has already confirmed the return of its bull phase,but I am saying that the signs are already getting clearer that the bull MAY be returning soon. To get a confirmation I would need to see DJIA closes above its upper Bollinger Band and D+ takes over the D-. Most important of all I would like to see it closes above its recent peak of 8315. If it can stay above that level, I think we can safely conclude that the current bear cycle has ended for the short term. 9400 and 10300 would be its upside targets.

Since there is nothing substantially bullish about DJIA's weekly chart, so I do NOT think this is the big bull but merely a technical rebound in a grossly oversold market. But it would still be very profitable to trade it.

Of course, "fundamentally" speaking I can offer no explanation as why the DJIA 's bear is ending. I will let the "experts' do that later after the bulls returned.