Is a 1969 hit single for Creedence Clearwater Revival.
One of the world's top reader of stock market technicals is Now saying JUST that, there is a BAD Moon Rising for the Dow Jones ( If Dow Jones tanks, other markets will follow), with a 11 per cent correction very NEAR by.
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Prominent technical strategist Tom DeMark predicts that stocks, which have rallied mightily following Donald Trump’s victory in the U.S. presidential election on Tuesday night, are on the verge of peaking and then subsequently tumbling by as much as 11%.
DeMark told MarketWatch that he’s forecasting the S&P 500 indexSPX+0.04% to hit 2,213 by Wednesday, followed by a correction. “Expectation is for U.S. stocks to endure at least 11% decline after top recorded,” he said. A correction is typically defined as a drop in an asset of at least 10% from a recent peak.
That forecast would put the broad-market benchmark’s peak well above its previous record of 2,190.15, reached Aug. 15. He sees the Dow Jones Industrial Average DJIA+0.11% possibly rising as far as 19,434 in a “1-2 day blow-off.”
The S&P 500 ended Friday at 2,164.45, while the Dow closed at a record 18,847.66, notching its second record close in a row.
With stocks stretching higher, DeMark warns that it may be appropriate to take caution: “Heed and caution are appropriate at this time,” he said.
