The bull cycle begun six weeks ago from 261.41 came with 0.47 points last week of our 304.07 target, implying that a potentially important top is at hand. We could find out soon, but if the Dow should turn higher this week after so shallow a correction, it would imply immediate upside to at least 308.23, and thence to 327.27 if any higher. The pattern yielding those Hidden Pivot resistances is shown here. I had suggested getting short if 304.07 was touched or closely approached, but there was not enough of a response in the chat room to justify my establishing a tracking position. _______ UPDATE (Dec 15, 5:40 p.m.): Let’s try to leg into a bearish, vertical put spread, first by bidding 0.80 for four Feb 19 250 puts, good through Friday. This is well below Monday’s closing price, but it is 0.05 above a 0.75 downside target I’ve projected using a Hidden Pivot pattern.
DIA – Dow Industrials ETF (Last:302.75)