Dow could first hit 19,000 in next few sessions, technician says
by Mark DeCambre
Prominent chart watcher 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, via soon-to-be released research, that he’s forecasting the S&P 500 index to hit 2,213 by next Wednesday, followed by a correction. “Expectation is for U.S. stocks to endure at least 11% decline after top recorded,” he said via email. A correction is typically defined as a drop in an asset of at least 10% from a recent peak.