Chartz with Jartz – On Monday, the Dow Jones Industrial Average (INDU) saw one of its largest intraday drops since early 2021. News outlets reported that investors decided to realize positions after a Chinese real estate company, Evergrande Group, released news pertaining to their debt crisis. As investors scrambled, the company saw losses of around 20%. The Econ Wealth Investment Management Team (IMT) believes that the drop was not news related. Over the last few months, we have seen the major indices moving sideways in around a 6.5% channel. The IMT’s Macro Outlook has given the indication that the market is due for around a 10% correction following the large breakout move post pandemic. Our Chief Investment Strategist, Steve, issued his Shot Clock Market Minute last week notifying investors of our analysis. We targeted a low of around 33,800 on the Dow before giving the market the momentum needed to move higher. The drop of around 900 points Monday took the INDU down 6.5% off its most recent high to the bottom of our channel. This new low could signify a further breakdown the rest of the week with support around 33,300 with the low from June and 33,200 at the 200 day Moving Average line. The IMT used Monday as an opportunity to lower cash and buy positions in individual stocks and exchange traded funds (ETFs). We will continue to keep you updated with news on holdings and market reactions. Tune into the blog every Wednesday for more information regarding your holdings.