The Dow Jones industrial average is the narrowest index on average with just 30 stocks, but it gets a lot of attention as does the corresponding DIA ( DIA) exchange-traded fund. Let's dig for clues. 
In this daily bar chart of the DJIA, below, we see a number of negative clues. Prices have been very weak in January and has closed below the 200-day moving average line. Trading volume has been heavier in December and January -- busier than October and November. The shorter 50-day moving average line now has a negative slope.
The daily On-Balance-Volume (OBV) line has slumped this month and broke below its September low. Sellers of the DJIA have not been this aggressive in a long time. While some traders may feel very discouraged, the 12-day price momentum study does not reveal a bullish divergence as the pace of the decline this year has not slowed down.
In this weekly Japanese candlestick chart of DIA, below, we can see that prices are trading below the 40-week moving average line. The weekly OBV line shows a strong dive lower from late November. The 12-week price momentum study shows a very weak upside momentum picture the past three months.
What does the Point and Figure chart show? The Point and Figure chart of the DIA has not reversed to the downside enough to generate a bearish target but a trade at $331.25 would put prices below a large band of volume (left scale) and would probably precipitate further losses.
Bottom line strategy: Continue with our strategy from Jan. 19: "My advice is to spend today going over all your investments. Cull out all your weak holdings that you believe will work long term if they are not working short term. Cull out holdings that are underwater instead of averaging down. Sell down to a sleeping position. Raise stops to lock in profits where possible."
