Wednesday, July 19, 2023

Dow Theory Update for July 19: Bull market and our 11/8/22 BUY signal confirmed on 7/19/23

 A more in-depth post will follow soon

 On 7/18/23, the Dow Industrials closed at 34,951.93, surpassing its previous closing high of 11/30/22 at 34,589.77. This breakthrough confirms the Dow Transportation, which achieved the same milestone on 7/10/23. The higher confirmed highs reaffirm the BUY signal triggered by the Dow Theory on 11/8/22, indicating a long-term bullish implication for the market. However, now is not the opportune moment to buy, as a secondary reaction could occur at any moment. The market is overbought in several time frames and ready to take a breather.
You can find the complete Dow Theory record according to our rendering, which has been verified in "Technical Analysis of Stock Trends," 8th Edition, by W.H.C. Basseti (pages 49-51). The record can be accessed HERE.

I find it interesting to observe that there are numerous individuals claiming to be Dow Theorists, asserting that the current bull market is being signaled at this moment, despite it being more than 14% higher than our initial Buy signal. However, it is important to clarify that on 7/18/23, the bull market was indeed reaffirmed, while the Buy signal was originally issued a considerable time ago.


Manuel Blay

Editor of


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