Sell signal

The Dow Theory has given a sell-signal. This was almost inevitable given the strength of the sell-off last Wednesday, as I was writing last week’s column. The big drop on Wall Street saw the Dow Jones Industrials and the S&P 500 indices close below their previous correction lows, triggering the signal. The US market has therefore gone from being in a secondary reaction within a primary uptrend to being in a primary downtrend, in Dow-theory parlance.

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