Technical Analysis of Stock Trends – 11th Edition [PDF]

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Technical Analysis of Stock Trends – 11th Edition Book

The late February Bottoms were now the critical points on the downside; if both Averages should decline below the Intermediate Low closes then recorded, before the Rails could make a new high above 68.23 (in which event the Bullish Signal of the Industrials would be canceled), a Bear Market would thereby be signaled.

Despite a miner’s strike and an imminent rail workers’ strike, the market turned firm again in mid-May and put forth a surprising rally that swept the Industrial Index up to 212.50 on May 29, 1946—a new Bull high by nearly 6 points.

The Rails failed in May by only 0.17 to equal their February high close, slid back a trifle, and then pushed through at last on June 13 to close at 68.31, thereby confirming the Industrials in their announcement that (as of that date) the Primary Trend was still up.

The February lows (186.02 and 60.53) now ceased to signify in Dow Theory, but keep those figures in mind because they are involved in an argument that raged among Dow students for months thereafter.