I don’t have much time to write today. However, be advised that the Transports have violated on a closing basis their secondary reaction lows, hence confirming the Industrials. Even though the S&P 500 have not confirmed, since we had a secondary reaction according to the Classical Dow Theory (as interpreted by Schannep, but “classical” nonetheless), we may say that according to the classical Dow Theory a primary bear market has been signaled.
Tomorrow I will try to write more extensively and post charts.
Sincerely,
The Dow Theorist
