We got a red day today – FINALLY!!! – – which feels like the first weakness in the market since Johnny Carson premiered on the Tonight Show. It was a welcome sell-off, and a few of the indexes have lined up to give the one or two bears left on the entire planet cause for hope:
The Dow Transports (IYT) have utterly failed the trendline. Any Dow Theory folks out there?
As interest rates explode higher, in spite of light-in-the-loafers Bessent trying to lisp them lower, the Dow Utilities (XLU) keep plunging. Again……………any Dow Theory folks out there?!??!
As such, the Industrials (DIA) are poised for a potential major failure, which is about the 51,000 level.
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