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Pastimes : backstage
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From: skinowski9/28/2007 4:55:57 PM
   of 247
 
..... the Transportation index is very weak... even assuming that INDU can make a new high, the transports are unlikely to confirm it in the near future. So, a Dow Theory buy signal is out for now.

The only major index which was able to make new highs is NDX - not confirmed so far by any others, including COMPX. By the time we start seeing a decline - and eventually we will - it will be important to see whether or not other indices will have reached new highs, especially SPX. A failure to do so would leave on the table... a lower high, with the door wide open for a lower low (if August and March lows get taken out).

If the above occurs, then the bulls will have to worry about a trend change on the larger time frame - as well as a possible H&S for those who like them... with the Left shoulder having ended at the February top.

Ergo, July top is something to watch.
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