Tuesday, January 6, 2009

Update - DIA

Here’s an interesting chart of the Diamonds (DIA) which is the DOW ETF. This chart is a 60 day, 60 minute chart. Note the dark blue triangle that I drew a LONG time ago and how this morning’s spike higher threw a pin right into it and it was rejected there. That’s interesting as the SPY has already broken above that same line and the actual DOW index itself is still below it. The point here is that there’s still resistance in these areas.

The SPX has filled its gap from this morning and we’re otherwise still stuck in yesterday’s range. The short term oscillators are all over the place, I don’t see a clear direction from there. The 920 area is still providing support, but if 915ish were to fall there’s still the pivot at 912 and more support in the 900/905 area. Very congested chart, sideways patterns are like that…