Generally I am in favor of buying above pivots and selling below. Use S levels to cover shorts and R levels to take some profits. But sometimes the markets present good risk/reward chances the other way.
INDU is reclaiming 2 long term levels, YS1 15746 and 1HS1 15817. VXD poked above its YP 26.79 and 1HP 27.14 and as I type back below. All the other yearly levels I have been mentioning the last two days here and here and here and here as I type are all resolving in bullish fashion. INDU is the only index of the main USA 5 to hold its YS1 (SPX, NDX, COMPQ, RTY) all broke.
So if INDU holds its YS1 and 1HS1 into the close, along with VXD remaining below levels, i think a decent speculative buy setup.
Tradingview.com only has index end of day data, so I"m typing this up with DIA at 159.24.
2/12 3:15 EST update. Conditions likely met for spec buy. If taking next week want to see DIA above weekly pivot and SPY above YS1. Spec positions better to use tighter risk control. Remember, despite the rally, right now DIA above only 1 pivot - daily. Not weekly, monthly, quarterly, half-year, or yearly.