Subject: Re: Trends and Ranks 12-Jul-2024
Stock signal given by the Dow
Here's what this indicator says about stocks now.
Fidelity Active Investor

Dow theory is a chart pattern that can confirm uptrends or downtrends for stocks.
This indicator is flashing a worrisome sign.
Investors should monitor key fundamentals like earnings, inflation trends, and other factors in addition to chart trends.
The Dow Jones Industrial Average—which represents 30 of the biggest and most influential US companies—has gained roughly 5% year to date on a price return basis, as of mid-July. That's a bit behind last year's pace, when the blue chip index had gained roughly 7% by this time. It's also well behind the nearly 18% surge for the S&P 500.

With markets broadly at all-time highs, many investors have questioned whether stocks can continue to rally on relatively weak market breadth or if stretched valuations and other headwinds may put the rally at risk. Dow Theory might be suggesting the latter.