The bull market for the Dow Jones Industrial Average ended in May 2015 even if this average sets another new high in 2016.

The weekly chart for the Dow 30 ended 2015 negative with the close of 17,425.03, below its five-week modified moving average of 17,441.01 and with its 12x3x3 weekly slow stochastic reading declining to 70.29 down from 75.64 set on Christmas Eve.

My proprietary analytics shows that the Dow 30 can trade as high as 17,797 in the first quarter, but that’s below the all-time high of 18,351.36 set on May 19. There’s an outside chance that a gain of 14% can occur in the first half of 2016 as my semiannual risky level is 19,914. The downside risk in January is to a monthly value level of 16,908 last tested on Oct. 14. The downside risk for 2016 is 16% to my annual value level of 14,592. If the 14,592 to 19,914 range is violated the direction is more likely to be a bear market move towards the 2008 pre-crash high of 14,198 set in Oct. 2007.

In 2016, eight Dow components qualify as the Dogs of the Dow. Four were dogs in 2015 and four new stocks qualify for 2016.

Most strategists describe the Dogs of the Dow as the highest dividend paying stocks in the Dow 30. My twist is to also consider the dogs for the next year to be those stocks that declined in price during the prior year (in 2015).

Here’s a 2015 scorecard for the 2016 Dogs of the Dow.

Caterpillar CAT +0.00% closed at $67.96 in 2015, down 25.8% and in bear market territory 26.4% below its 2015 high of $92.39 set on Jan. 2. The stock qualifies with a dividend yield of 4.53%.

The weekly chart is negative with the stock below its five-week modified moving average of $68.89 with its 12x3x3 weekly slow stochastic reading declining to 36.11 down from 38.55 on Christmas Eve.

Investors looking to buy Caterpillar should employ a good till canceled limit order to buy the stock if it drops to $62.99, which is the low set on Sept. 28.

Chevron CVX -1.22% closed at $89.96 in 2015, down 19.8% and in bear market territory 20.4% below its 2015 high of $113.00 set on Jan. 2. The stock qualifies with a dividend yield of 4.76%.

Courtesy of MetaStock Xenith

The weekly chart is neutral with the stock above its 5-week modified moving average of $89.54 with its 12x3x3 weekly slow stochastic reading declining to 58.53 down from 60.89 on Christmas Eve.

Investors looking to buy Chevron should employ a GTC limit order to buy the stock if it drops to $84.25, which is the Dec. 8 low.

IBM IBM -0.76% closed at $137.62 in 2015 down 14.2% and in bear market territory 21.9% below its 2015 high of $176.30 set on May 4. The stock qualifies with a dividend yield of 4.00%.

Courtesy of MetaStock Xenith

The weekly chart is neutral with the stock below its five-week modified moving average of $138.43 with its 12x3x3 weekly slow stochastic reading up-ticking to 23.51 up from 22.88 on Christmas Eve.

Investors looking to buy IBM should employ a GTC limit order to buy the stock if it drops to $131.65, which is the Nov. 13 low.

Merck (MRK) closed at $52.82 in 2015 down 7% and in correction territory 17% below its 2015 high of $63.62 set on Jan. 13. The stock qualifies with a dividend yield of 3.52%.

Courtesy of MetaStock Xenith

The weekly chart is negative with the stock below its five-week modified moving average of $52.90 with its 12x3x3 weekly slow stochastic reading declining to 57.45 down from 60.13 on Christmas Eve.

Investors looking to buy Merck should employ a GTC limit order to buy the stock if it drops to $51.20, which is the Dec. 21 low.

Procter & Gamble PG -2.67% closed at $79.41 in 2015, down 12.8% and in correction territory 13.5% below its 2015 high of $91.79 set on Jan. 20. The stock qualifies with a dividend yield of 3.52%.

Courtesy of MetaStock Xenith

The weekly chart is neutral with the stock above its five-week modified moving average of $77.57 with its 12x3x3 weekly slow stochastic reading declining to 78.84 down from 80.12 on Christmas Eve.

Investors looking to buy Procter & Gamble should employ a GTC limit order to buy the stock if it drops to its 200-day simple moving average of $77.54.

Verizon (VZ) closed at $46.22 in 2015, down 1.2% and 9.1% below its 2015 high of $50.86 set on May 4. The stock qualifies with a dividend yield of 4.92%.

Courtesy of MetaStock Xenith

The weekly chart is positive with the stock above its five-week modified moving average of $45.72 with its 12x3x3 weekly slow stochastic reading rising to 70.31 up from 67.64 on Christmas Eve.

Investors looking to buy Verizon should employ a GTC limit order to buy the stock if it drops to its Nov. 16 low of $44.19.

Wal-Mart (WMT) closed at $61.30 in 2015 down 28.6% and in bear market territory 32.6% below its 2015 high of $90.97 set on Jan. 13. The stock qualifies with a dividend yield of 3.26%.

Courtesy of MetaStock Xenith

The weekly chart is positive with the stock above its five-week modified moving average of $60.26 with its 12x3x3 weekly slow stochastic reading rising to 28.54 up from 25.53 on Christmas Eve.

Investors looking to buy Wal-Mart should employ a GTC limit order to buy the stock if it drops to its Dec. 21 low of $58.67.

Exxon Mobil XOM -2.70% closed at $77.95 in 2015 down 15.7% and in correction territory 16.6% below its 2015 high of $93.45 set on Feb. 3. The stock qualifies with a dividend yield of 3.82%.

Courtesy of MetaStock Xenith

The weekly chart is negative with the stock below its 5-week modified moving average of $78.51 with its 12x3x3 weekly slow stochastic reading declining to 39.63 down 42.00 on Christmas Eve.

Investors looking to buy Exxon should employ a GTC limit order to buy the stock if it drops to its Dec. 8 low of $73.79.