The bulls must have been looking forward to St. Patty’s Day as they spent much of last week in the green and pushed new highs. Although Friday was a down day, the bulls continue to mystify Wall Street despite the Dow’s winning streaks being snapped as they continue make hay while the bears are away.
The Dow dropped 25 points, or 0.2%, to finish at 14,514 on Friday. The blue-chips traded down to 14,373 to start the week but added 50 points by the close to end at 14,447. The bounce off the lows was a good clue our 14,500 target would trigger and it did by Thursday’s close as the index went out at its highs to finish at 14,539. We said if 14,500 cleared there is a good chance the bulls push 14,750. The Dow hit a low of 14,470 on Friday and near-term support is at 14,400 and then 14,300. The real battle will come at 14,000 and represents a little over a 3% if there is a major pullback. The Dow came into the week at 14,397 and was up 117 points, or 0.8%, after Friday’s close. Year-to-date, the blue-chips are now higher by 1,410 points, or 10.8%. (Continued…with chart work)
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