DJIA TARGET
Well, did the DJIA hit its target on 31 March? => YES - NO - MAYBE ? (You decide!)
On the last day (31 march), the DJIA only had 0.3% (240 points) to go to hit the target and was on course to do that (see top chart). But that did not happen because at the start of trading Biden announced that he will spend 2 trillion on infrastructure and he will get all the money by raising the corporate tax rate on stocks. This affects dividend paying big caps more than non-dividend paying value companies and caused a rotation out of big caps (DJIA, down 0.26%) and into value companies (Nasdaq, up 1.54%).
If you adjust the trend lines very slightly (as shown on the bottom two charts with the green trend lines), then the target trend line was hit by the DJIA on Thursday 18 March and again on Tuesday 30 March.
So what happens next? They might decide to push the DJIA up to take out the original target to remove all doubt. Or, they might just consider the target hit and let go of the market which could be the start of the next bear market?
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