We won’t go as far as to say that the DJIA and the S&P 500 are directly correlated even after the recent rebalance.  However, there is one common notion on today’s weakness that has brought up yet another serious chart alert.  Both the DJIA and S&P 500 are down and the alerts came up regarding the 50-day and 200-day moving averages.  This is being confirmed in both key market ETF’s in the charts of the DIAMONDS Trust (NYSE: DIA) and the SPDRs (NYSE: SPY).

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