The 345.58 target we’ve been using came into even sharper focus with last week’s rally, athough we should be alert to a possible stall at p2=339.34, the secondary pivot. I’ve suggested shorting both with very tight stops, provided you’ve been making hay on the way up. This pattern is clearer and more compelling than the one I’ve flagged for the DJIA, and it is the one you should favor if you trade this vehicle. Most immediately, that would imply placing a ‘mechanical’ bid at the red line (333.10), stop 328.94. You should do so only if DIA first trades a bit higher, topping in the range 339.00-340.21. ______ UPDATE (Apr 15, 9:13 p.m. ET): Buyers bulldozed p2=339.34, implying that more upside to at least 345.58 is all but certain.
DIA – Dow Industrials ETF (Last:340.45)