Dow's 52 Week Highs Not Confirmed

The Dow has gone on to put in a series of new 52 week highs, something that has eluded both the transports and the utilities. We personally do not place too much emphasis on the Dow Theory which focuses on the transports, we. However, to do place quite a bit of weight on the utilities as they generally lead both the industrials and the transports. At the very least the Utilities should have put in one new 52 week high and more importantly they should have done it before the industrials and or the transports. As both the transports and the utilities have not put in new highs we have what amounts to a double non confirmation signal. This suggests high probability of the Dow suffering a big correction. (more)