We opened higher and spent most of the day well above Dow 24,000, and again by the close, this market could not stay above Dow 24,000.
The day’s high was Dow 24,373 and we closed at Dow 23,979. At 1:30 pm EST, we issued a word of caution along with adjustments to our subscribers.
Where is this market headed from here? Smart money says we are heading back to test the 200-day moving average yet again. Five of the last eleven days have been a testing of the 200-day moving average. This now sits at 2594 on the SPX. If we test and it can’t hold its footing? It wouldn’t surprise us to see Dow 22,000. Hedge your portfolio and protect your capital!