It is very rare to see Dow Industrials hitting new highs as Dow Transports prints new range lows... one of them is wrong here...

Click on picture to enlarge

h/t Brad Wishak

As Dana Lyons recently noted,

...while not all divergences mark tops, many tops are marked by divergences. So it has been the case with this version. Several major intermediate-term or cyclical tops saw this negative divergence among the Transports, including 1937, 1946, 1961, 1973, 1981, 1998, 2000 and 2007.

Currently the DJIA is at a 52-week high while the Transports are well off of their own high. But while Dow Theorists may have you running for the hills, the historical track record following similar divergences is less than ominous. That said, on the occasions when this divergence did have teeth, it bit portfolios hard.