Recent 52-week highs for the Dow Jones Industrial Average and its sibling, the Dow Jones Transportation Average, are a positive sign for a broader bull market, in keeping with one of the most historically accurate strategies for identifying primary trends in stocks.
The blue-chip Dow, up around 7% so far this year, is playing catch-up with the S&P 500 SPX , up more than 19% in the year to date, and the tech-heavy Nasdaq Composite COMP , which has surged more than 35% in 2023. “One of the tenets of Dow Theory is that the averages must confirm each other, meaning breakouts and breakdowns should happen in concert, and that’s what happening now,” said Adam Turnquist, chief technical strategist for LPL Financial in Charlotte, N.C.
A week ago, all three major U.S. stock indexes ended the New York session at their highest levels in 15 months. And Dow industrials have only continued to climb ever since.
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