With a close below 4398.97 in the Transports, both the Industrials and Transports would be trading below prior significant lows - and the validity of April's bull market signal would have to be questioned. We closed at 4503.89 with an intraday low of 4440.80 on the Transports. Richard Russell has stated previously, that far from confirming that a bear market is in progress and presaging further market weakness, a close in the Transportation Average below its January low might instead signal that the market decline is about over. So we are still on a secondary nonconfirmation of the decline. If the Industrials rebound to close above 13,058.20 and the Transports close above 5492.95, the bullish trend would be reconfirmed. How long will I have to be patient?
Bookmarks