Major equity benchmarks logged another session in red territory as profit-taking remains adominanttheme on the week. Pessimism from Europe welcomed back the bears as lawmakers overseas said that Spain should bear the cost of problems as the recently proposed European Stability Mechanism would assume only part of the nation's debt burden. At home, positive housing data went largely unnoticed; new home sales dipped in August, although prices rose a record 11.2% bolstered by strong demand.

Investors will keep their attention focused on the homefront today as U.S. GDP is slated to come out at the opening bell. Our ETF towatch is the State Street Dow Jones Industrial Average ETF (DIA, B), which may experience volatile trading following the latest economic growth reading. Analysts are expecting for U.S. GDP to come in unchanged at 1.7% for the quarter.

Chart Analysis

Bullish euphoria appears to be fading away at home over the last few trading sessions as profit-taking pressures are setting in given the stellar run-up that broad equity indexes have enjoyed thus far in 2012. After hitting a recent high at $136.48 a share on September 14, DIA has been losing steam as looming eurozone debt drama has found its way back into the headlines, continuing to eat away at investors' confidence.

DIA's previous resistance at $133 a share (blue line) will now serve as minor support; this ETF will look to hold above this level as the week draws to a close, otherwise, a break below the $133 mark could welcome accelerating selling pressures that may drag DIA back towards its 200-day moving average (yellow line) or right around $130 a share.

Outlook

Better-than-expected U.S. GDP may bring back the bulls and bolster stocks higher across the board; in terms of upside, DIA has major resistance at $136 a share. A bearish surprise may however encourage more profit taking on Wall Street; in terms of downside, this ETF has immediate support at $133 a share followed by the $130 level.As always, investors of all experience levels are advised to use stop-loss orders and practice disciplined profit-taking techniques.

Follow me on Twitter@SBojinov

Disclosure: No positions at time of writing.

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