Negative Technical Signal Short-term for Dow - Mid-Day Minute for Thu February 8th 2007

Feb 08

Negative Technical Signal Short-term for Dow

by Mike Paulenoff, Thu February 8th, 2007

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Here is the near-term pattern carved out by the Dow Diamonds Trust (DIA) ETF, which shows yesterday's fleeting, marginal new all-time high at 127.06, followed by a declined that has sliced through initial support at 126.35/25. Today's weakness following yesterday's inability to sustain new highs is a negative technical signal -- albeit a very short-term oriented one. Nonetheless, let's see what the bulls bring to the table now -- if they can reverse this weakness and attempt another new high or if they appear to be at or near exhaustion.

Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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