Possible breakout for the Dow Jones on the upside

 As you can see in the chart, the index declined in mid-December before forming a trading range in which it’s been stuck for about three weeks…at least until today. Then, after several attempts to break higher, bulls finally pulled it off, with prices closing above the top of their range. 📈

This matters because it provides some short-term direction for an otherwise directionless market. And technical analysts argue that prices resolving up instead of down is also significant since ranges that form after declines typically resolve lower (in the direction of the preceding trend).