According to Dow Theory the Dow needs to clear 9000 for a new uptrend to be defined. The Dow has already in "non-confirmation" of its down trend in that a new lower trough has not been formed.
At 9000 we will get a new higher peak to go with the higher trough, meeting the Dow Theory definition of an uptrend.
However Dow Theory alos needs the DJ Transport Index to also be in uptrend. This index at the moment is identical to the DJIA in structure.
How reliable is Dow Theory? I think we would have heard more about it if it was infallible however it is one way to define what the overall market trend is.
And dont forget markets climb the wall of worry so all that bad news may not be so bad when it comes to trying to find a home for your money..... Stock dividend yields are above the bond rate yes?
ACTURTLE
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