Don't Ignore This Chart!

DIA Solidifies Resistance with Two Gaps


For the second time in three weeks, the Dow Industrials SPDR (DIA) moved above 121 and then gapped down. These two gaps indicate that DIA has stiff resistance in the 122 area. Key support is based on the prior trough at 116. Follow through below this level would reverse the October uptrend.

Click this chart for a live image

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus