Broader Market update for the week of 7/7/14 – 7/11/14
Our research shows our previous target of 17700-18200 for the DJIA has been lowered slightly to 17635-18000 but remains on track and should be achieved by early to mid August. We expect one shallow correctional pullback to the 50 day moving average during this time. Once these higher levels are achieved we’ll be on the lookout for a deeper pullback perhaps to the 200 day moving average. We’ll continue to remain cautious and focus primarily on short term trading opportunities. Within the next few weeks we’ll be discussing our updated end of the year target and what we expect into early spring of next year. Have a great week.