According to Dow Theory, either the Dow Jones Industrials or Transports needs to make an important high followed by the other to confirm an uptrend (basic definition here).
The Industrials made a new high in October, but the conformation from the Transports never arrived, in fact they were making lower highs and continue to do so.
Drawing some trend lines , we can see the Trannies broke down today, out of a small bearish triangle pattern (shaded in yellow).
So while we remain in a Dow Theory Primary Bear Market, today’s action in the Transports does nothing more than to confirm this.
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