The Results after SELL Signals are as follows:
Original (Traditional) Dow Theory SELL Signals and the further S&P500 Loss to the final Bear Market Lows*:
| Sell Date | Level | Low Date: | level | loss after Sell: | months to low: |
|---|---|---|---|---|---|
| 4/2/1953 | 25.23 | 9/14/1953 | 22.71* | 10.0% | 5.4 |
| 10/1/1956 | 44.7 | 10/22/1957 | 38.98 | 12.8% | 12.7 |
| 3/3/1960 | 54.78 | 10/25/1960 | 52.3* | 4.5% | 7.7 |
| 4/26/1962 | 67.05 | 6/26/1962 | 52.32 | 22.0% | 2.0 |
| 5/5/1966 | 87.53 | 10/7/1966 | 73.2 | 16.4% | 5.1 |
| 10/24/1967 | 94.42 | 3/5/1968 | 87.72* | 7.1% | 4.4 |
| 2/25/1969 | 97.98 | 7/29/1969 | 89.48* | 8.7% | 5.1 |
| 1/26/1970 | 88.17 | 5/26/1970 | 69.29 | 21.4% | 4.0 |
| 7/28/1971 | 97.07 | 11/23/1971 | 90.16* | 7.1% | 3.8 |
| 2/23/1973 | 100.19 | 10/3/1974 | 62.28 | 37.8% | 19.3 |
| 10/24/1977 | 91.63 | 3/6/1978 | 86.9 | 5.2% | 4.4 |
| 7/2/1981 | 128.64 | 8/12/1982 | 102.42 | 20.4% | 13.3 |
| 1/25/1984 | 164.84 | 7/24/1984 | 147.82* | 10.3% | 6.1 |
| 10/15/1987 | 298.08 | 12/4/1987 | 223.92 | 24.9% | 1.6 |
| 10/13/1989 | 333.62 | 1/30/1990 | 322.98* | 3.2% | 3.6 |
| 8/3/1990 | 344.86 | 10/11/1990 | 295.46 | 14.3% | 2.3 |
| 10/5/1992 | 407.57 | 10/9/1992 | 402.66* | 1.2% | 0.1 |
| 8/4/1998 | 1072.12 | 8/31/1998 | 957.28 | 10.7% | 0.9 |
| 9/23/1999 | 1280.41 | 9/21/2001 | 965.8 | 24.6% | 23.9 |
| 6/25/2002 | 976.14 | 10/9/2002 | 776.76 | 18.3% | 0.9 |
| 11/21/2007 | 1416.77 | 3/10/2008 | 1273.37 | 10.1% | 3.6 |
| 9/29/08 | 1106.39 | 3/9/09 | 676.53 | 52.2% | 15.6 |
| 6/30/2010 | 1030.71 | 7/2/2010 | 1022.56* | 0.8% | 0.1 |
| 8/2/2011 | 1254.05 | 10/3/2011 | 1099.23 | 12.3% | 3.0 |
| 6/4/2012 | 1278.18 | 6/4/2012 | 1278.18* | 0.0% | 0.0 |
| 8/20/2015 | 2035.73 | 8/25/2015 | 1867.61* | 8.3% | 0.2 |
| 1/6/2016 | 1990.26 | 2/11/2016 | 1829.08* | 8.1% | 1.2 |
| 6/24/2016 | 2037.40 | 6/27/2016 | 2000.54* | 1.8% | 0.1 |
| 12/10/2018 | 2637.72 | 12/24/2018 | 2351.10 | 12.3% | 0.5 |
| 5/13/2019 | 2811.87 | 5/31/2019 | 2752.06* | 2.12% | 0.5 |
| 3/9/2020 | 2746.56 | 3/23/2020 | 2237.4 | 18.54% | 0.5 |
| 2/22/2022 | 4304.76 | 10/12/2022 | 3,577.03 | 16.9% | 7.5 |
| 10/23/2023 | 4217.04 | 10/27/2023 | 4,117.37 | 2.36% | 0.13 |
| Average further decline | 12.93% | 4.83 |
* When no ‘official’ Bear market follows this is the low for this move. 17 Signals were during or followed within a year by ‘official’ Bear markets, 14 were not.