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April 18, 2005
Dow Theory Signal
It is official: the second Dow Theory signal in as many months. Both Averages moved to higher highs (closing) in March for a Dow Theory bullish confirmation. This bull signal was soon countered when both Averages moved to lower lows (closing) for a Dow Theory bearish confirmation. Volume was high on both declines and this bearish signal should be respected until proven otherwise.
Posted by Arthur B. Hill at April 18, 2005 02:57 PM