$DIA Dow Jones ETF shows more room to pullback

You could do short term trades and short rallies or gaps higher on the daily. I'd rather be cash than making a firm decision today to go long or short an index. It is the first real trading week of the year and earnings season is this month and next. Patience is a good thing, itchy trigger fingers just to trade are not.

This chart is a weekly time frame that shows more room for a pullback. Thin white line 50 period EMA. Thicker red line is a trend line from 2013 low to October 2014 spike lower. Notice the MACD trying to roll over, a lower close on the weekly bar this week should make them cross.