The SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA), the tracking ETF for the Dow Jones Industrial Average, has made impressive gains in recent weeks, soaring 4.4% over the past month.

DIA’s recent bullishness could go a long way toward improving the fund’s still sensitive technical situation. In the third quarter, DIA and the Dow were punished by a spate of poor earnings, notably from declining Technology shares like International Business Machines (NYSE: IBM), Apple (NasadaqGS: AAPL) Walt Disney (NYSE: DIS) and Microsoft (NasdaqGS: MSFT), just to name a few.

More aggressive traders who believe in a rebound on the low levels can utilize leveraged ETF options to capture a potential bounce. For instance, the ProShares Ultra Dow30 (NYSEArca: DDM) takes the 2x or 200% daily performance of the Dow, and the ProShares UltraPro Dow30 (NYSEArca: UDOW) takes the 3x or 300% daily performance of the Dow.

Additionally, investors may utilize the mega-cap ETFs to better control a stock portfolio’s market exposure or for short-term tactical plays. While mega-caps may show slower growth, the asset category also come with lower volatility.

“The Dow remains inside of a 5-year rising channel,” according to Chris Kimble of Kimble Charting Solutions. “The 10% decline in the Dow this summer, took it down to test rising channel support at, which held the last week of August. Since hitting channel support, the Dow has rallied for the past 7-weeks.”

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