May 07, 2013, Don't Ignore This Chart!, Arthur Hill. The S&P, Nasdaq, and Russell 2000 also set new highs at the same time. Momentum is soft, and of course there will be pullbacks, but there is no reason to worry about a bear market right now.
According to Dow Theory, a bull signal is in force when both the Dow Industrials and Dow Transports move to new highs. Well, this happened today as both the Dow Industrials and Dow Transports forged fresh 52-week highs. The April lows become the first levels to watch for signs of a bearish signal.
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