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DIA trade ideas

Warning, Warning, Warning! Major drop ahead.DJIA has broken below the symmetrical triangle, indicating the end of the bull market. The price has dropped below the 50-day moving average and trend line with no significant support acting at all. This suggests a weak market with no real buyers while sellers are expected to enter soon. Smart traders are exiting the market, while most retail traders will panic and sell along with algorithmic trading systems after the significant support line is breached, aka BigRed. The price is currently below all major moving averages, except for the BigRed. The Relative Strength Index (RSI) is declining significantly, indicating a negative trend. The MACD histogram is also showing a strong downward trend, with the MACD line expected to fall below the zero line in the coming days. Overall: after such a strong drop below a significant support line, it is unlikely for DJIA to recover or rebound. Bears are currently taking control, and the price drop could be rapid. However, it is expected that the price will retest the trend line, as it typically acts as prior support before turning into resistance. The BigRed may act as a support, but it is not guaranteed to be strong support. From a bullish perspective, traders would need to step in and buy today, pushing the price back into the symmetrical triangle. If this occurs, it would indicate a false breakout, and the market could be ready to explode to the upside. However, the probability of this scenario is below 20%.
AMEX:DIAShort
by Consistent_Trades
DJIA fall out of the symmetrical triangle, sell signal confirmedDJIA was in for a long long time in this huge symmetrical triangle and wasn't able to move in any direction. Now it's finally dropped out of it. Will it stay out and have a huge red day, we will see today, on Friday. Volume does confirm price action as it is much bigger on drop day, however, it is still below 20 days average volume. It is below 8 and 20 days MA but still above 50 and 200 days MA which will likely change today. 50 days mMA is DJIA's last support zone before it declared drop to the big red with almost certain. RSI is neutral. MACD ticking lower while the MACD line did cross below the signal line which is very bearish and signals a new trend is forming. Overall: not too many things to say here. 50 days MA will be DJIA's last support line before major drops are triggered. It is less likely support will hold and it is likely we will test Bigred which should provide some support zone. From the bullish perspective only a close above 344 only the daily candles would be bullish and would we would be able to say now it is a confirmed bull market in DJIA. The possibility of that is only 10%.
AMEX:DIAShort
by Consistent_Trades
3
DJIA sell signal, short opportunity DJIA on daily we have been waiting for some time for a breakout of this triangle and yesterday it occur. At the beginning of the trading session, DJIA gapped up and retail traders tried to break it up but big boys enter that straight and start to sell, and the price drop right away and keep dropping until the end of the day. Now it is very likely DJIA will continue its move down but the question is how far away. Will 50 days MA hold as support today or will drop like a rock? Volume though does not confirm price action as it was a pretty low volume on breakout which is not the best option for bears. Still, the price is coiling between 8, 20, and 50 days MA which will move DJIA hard. RSI is in a neutral position. MACD histogram tick red and the MACD line cross below signal line signal shift in momentum and DJIA is going down. Overall: maybe it is not all done for bulls. This low volume breakdown could mean it is only fakeout and death hook and DJIA will exploit to the upside. A drop below 50 days MA will be a 100% sign we are going down and down hard. The first major support would be the lower trend line and BigRed or 200 days MA. In that case, the huge bull flag would be formed, but the price needs to stay above the support lines. From the other side, if bulls somehow buy in, step in like never before, and bring DJIA above the upper line, it would be a very very bullish move with targets towards ATH, but that is less likely.
AMEX:DIAShort
by Consistent_Trades
DJIA daily are we ready for a major move?DJIA daily is still in its symmetrical triangle and just can't move up or down from it. 8, 20, and 50 days MA are coiling on the same levels and will produce a major move in the one direction. Breakout or down should be strong and fast. It is very close to the end of the triangle but it seems it is more bearish than bullish. Just the fact it can't move away from the lower line is bearish. Price is above r20, 50, and Big Red which is bullish, but if it drops, it will be right away below 20 and 50 days MA which will be bearish and fast. Yesterday's volume confirms huge indecision in the market which can be both bearish and bullish. RSI and MACD are for now neutral. Overall: DJIA is probably the only indices that didn't receive a buy or sell signal in our Daily morning brief and will stay like that until it chooses which side will go. Break from the triangle will very likely be very powerful and strong. With the move up even testing of ATH would be possible, but with a move below trend lines support at Big Red will for sure be tested and then likely lows from 2022. Overall same like SPY, Powell's speech could move the market.
Editors' picks
AMEX:DIA
by Consistent_Trades
11
DJIA can't move out of a symmetrical triangle, possibly dropDJIA daily is not able to break out of a symmetrical triangle which is bearish. Furthermore, DJIA formed a Hanging man reversal candle stick pattern which is a bearish sign. The resistance is obviously too strong for breaking out which could be an indication f an imminent drop below the trend line and breaking down from the pattern which would be very bearish. Volume increases while the price is not moving, which is bearish. 8, 20, and 50 days MA is close to price and will generate a massive move of DJIA in one direction or another. RSI is neutral, while MACD is still in its symmetrical triangle which breaks out will be fast and strongly. Overall: DJIA is close to the end of the symmetrical triangle and there is no place for a further move for it. Break up or down will be massive. There is an 80% chance for a break to be on the downside.
AMEX:DIA
by Consistent_Trades
DJIA monthly at major resistanceDJIA (Dow Jones Industrial Average) monthly finished bullish and closed above all major MA which is bullish. DJIA is at beginning of forming a bullish pattern ascending triangle which after breaking the upper horizontal trend line could be very bullish. However, volume did not confirm price action too much as it was lower than last month which is usually a month of smaller volume. If DJIA manages to pump and close next month above that trend line it would be pretty bullish for the market, however from the other side, it could represent only a bear pullback and more down drop. Major support would be a rising lower trend line, for which Consistent trades assess there is a high possibility to be tested before the next and new bull market occurs. RSI is neutral. MACD shows sign of bull move, histogram ticks are smaller while MACD and signal line is trying to turn and move up. For now, the market has more chance to drop from here than to go to ATHs.
AMEX:DIA
by Consistent_Trades
DJIA daily look really weakDJIA daily returns into a pattern which is a good sign, but it is doing on lower volume which is more bearish than bullish. It touch the resistance line and got rejected right away which is a sign of weakness. Volume does not confirm this move at all and is a sign of a likely move down. Price is above all major MA which is bullish. RSI is neutral. MACD is showing some weakenest and is due to drop. Overall: even though the price return in a triangle it doesn't show us a strong move. The is more chance for DJIA to drop than to have a strong up move. A drop below 20 and 50 days MA would confirm a bigger drop. On the other side, a rise above the upper blue line would be an indication of the bull move.
AMEX:DIAShort
by Consistent_Trades
LEAPS expire FridayExpect volatility because LEAPS expire on Friday. US stocks 2023 LEAPS (Long Term Equity Anticipation Securities) expire on this Friday, January 20th. 2024 LEAPS expiry date is on January 19th, 2024. 2025 LEAPS expiry date is on January 17th, 2025. Here's a 1 day DIA, IWM, SPY, VTI & QQQ comparison chart with the tickerTracker MFI oscillator set to 20. Also, I compiled LEAPS options data below. DIA 1/20/2023 expiry options data: Put Volume Total 33,982 Call Volume Total 16,743 Put/Call Volume Ratio 2.03 Put Open Interest Total 175,346 Call Open Interest Total 120,549 Put/Call Open Interest Ratio 1.45 DIA 1/19/2024 expiry options data: Put Volume Total 126 Call Volume Total 305 Put/Call Volume Ratio 0.41 Put Open Interest Total 25,093 Call Open Interest Total 20,310 Put/Call Open Interest Ratio 1.24 DIA 1/17/2025 expiry options data: Put Volume Total 21 Call Volume Total 29 Put/Call Volume Ratio 0.72 Put Open Interest Total 5,450 Call Open Interest Total 1,207 Put/Call Open Interest Ratio 4.52 IWM 1/20/2023 expiry options data: Put Volume Total 251,778 Call Volume Total 75,801 Put/Call Volume Ratio 3.32 Put Open Interest Total 1,286,490 Call Open Interest Total 687,363 Put/Call Open Interest Ratio 1.87 IWM 1/19/2024 expiry options data: Put Volume Total 636 Call Volume Total 1,357 Put/Call Volume Ratio 0.47 Put Open Interest Total 223,077 Call Open Interest Total 43,642 Put/Call Open Interest Ratio 5.11 IWM 1/17/2025 expiry options data: Put Volume Total 119 Call Volume Total 472 Put/Call Volume Ratio 0.25 Put Open Interest Total 12,182 Call Open Interest Total 3,009 Put/Call Open Interest Ratio 4.05 SPY 1/20/2023 expiry options data: Put Volume Total 1,157,609 Call Volume Total 648,690 Put/Call Volume Ratio 1.78 Put Open Interest Total 3,376,937 Call Open Interest Total 1,927,258 Put/Call Open Interest Ratio 1.75 SPY 1/19/2024 expiry options data: Put Volume Total 11,341 Call Volume Total 6,538 Put/Call Volume Ratio 1.73 Put Open Interest Total 170,475 Call Open Interest Total 166,385 Put/Call Open Interest Ratio 1.02 SPY 1/17/2025 expiry options data: Put Volume Total 143 Call Volume Total 508 Put/Call Volume Ratio 0.28 Put Open Interest Total 15,733 Call Open Interest Total 10,749 Put/Call Open Interest Ratio 1.46 VTI 1/20/2023 expiry options data: Put Volume Total 295 Call Volume Total 711 Put/Call Volume Ratio 0.41 Put Open Interest Total 10,113 Call Open Interest Total 28,924 Put/Call Open Interest Ratio 0.35 VTI 1/19/2024 expiry options data: Put Volume Total 88 Call Volume Total 57 Put/Call Volume Ratio 1.54 Put Open Interest Total 2,676 Call Open Interest Total 6,714 Put/Call Open Interest Ratio 0.40 VTI 1/17/2025 expiry options data: Put Volume Total 1 Call Volume Total 8 Put/Call Volume Ratio 0.13 Put Open Interest Total 416 Call Open Interest Total 1,462 Put/Call Open Interest Ratio 0.28 QQQ 1/20/2023 expiry options data: Put Volume Total 477,446 Call Volume Total 257,774 Put/Call Volume Ratio 1.85 Put Open Interest Total 1,236,295 Call Open Interest Total 1,449,555 Put/Call Open Interest Ratio 0.85 QQQ 1/19/2024 expiry options data: Put Volume Total 15,805 Call Volume Total 1,692 Put/Call Volume Ratio 9.34 Put Open Interest Total 260,190 Call Open Interest Total 193,008 Put/Call Open Interest Ratio 1.35 QQQ 1/17/2025 expiry options data: Put Volume Total 734 Call Volume Total 499 Put/Call Volume Ratio 1.47 Put Open Interest Total 54,776 Call Open Interest Total 24,990 Put/Call Open Interest Ratio 2.19
AMEX:DIA
by Options360
1