The weekly charts for the Dow Jones Industrial Average (INDU) , Dow Transports and the Russell 2000
The S&P 500
The weekly chart for S&P futures shows that if the S&P sustains gains this week, it will have a positive weekly chart next week.
Here's the weekly chart for the SPDR Dow Jones Industrial Average ETF (DIA) , a.k.a. Diamonds.
Courtesy of MetaStock Xenith
Diamonds closed Friday at $188.47, up 8.3% year to date, after setting its all-time intraday high of $188.82 on Nov. 10.
The weekly chart for Diamonds ended last week with an upgrade to positive from negative with the ETF above its key weekly moving average of $182.74 and well above its 200-week simple moving average of $167.53. The weekly momentum reading snapped up to 33.82 last week, up from 30.18 on Nov. 4.
Investors looking to buy Diamonds on weakness to its 200-day simple moving average of $177.58 could do so on election night, as Dow futures plunged by more than 800 points. My quarterly level of $183.08 will likely be a magnet until the end of 2016. Investors looking to reduce holdings should do so on strength to $195.95, which is a key level on technical charts until the end of November.