Is today's weakness the start of a major correction? Right now, the jury remains out.  The Dow ETF (DIA) is pressing towards a confrontation with its April-May support line, now at 115.30, which thus has contained the onslaught.  My work on the Dow does not consider this weakness the beginning of a major correction, and certainly not a major top.  As of right now, we should consider yesterday's price high at 116.80 as a rally peak prior to a pullback within otherwise still bullish technical conditions.  However, a break that sustains below 1.1370 will morph the DIA into a much more dangerous situation.  For the time being, we will watch from the sidelines for indications that this weakness is or is not an opportunity to reestablish long positions.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.