The chicken-hearted poke above p=347.92 that ended the week was unconvincing for anyone hoping the 363.15 target with which it is associated will be achieved. Price action at the midpoint pivot is always crucial to such assessments, and the action so far says the bull cycle begun from 332.68 on 6/18 is weakening. Despite this, my expectation is that the Dow will get pulled higher by the lunatic exuberance of some of the other indexes, notably the S&Ps and the Nasdaq. If the effect is strong enough, it would generate a two-day DIA close above 347.92, an event that would warrant shifting our focus toward 363.15, a modest, 4% climb from here.
DIA – Dow Industrials ETF (Last:347.94)
