SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) follows the Dow Jones Industrial Average Index and while DIA is often overshadowed by other broad market exchange traded funds, the ETF is worth keeping an eye on in the near-term as the blue-chip index with multi-decade technical support.

In the third quarter, DIA and the Dow were punished by 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.

Recent equity market declines could have a silver lining. Some of the largest stocks and mega-cap exchange traded funds have been ignored and are now trading at relatively cheap valuations. DIA trades at a lower multiple than S&P 500 ETFs.

Still, DIA could use the benefit of returning risk appetite due to its heavy exposure to cyclical sectors. The technology, industrial and materials companies are among cyclical sectors that typically strengthen in a rising rate environment as investors turn away from safer assets and shift into riskier areas of the market.

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