The Dow Industrials was over 40,000 just two days ago, reaching levels never seen in the history of the universe.
![](https://slopeofhope.com/wp-content/uploads/2024/05/slopechart_INDU-2-640x336.jpg)
The Dow Transports, in sharp contrast to this, weren’t even in the same ZIP code. If Dow Theory still matters at all, this is a serious non-confirmation between the two.
![](https://slopeofhope.com/wp-content/uploads/2024/05/slopechart_TRAN-640x336.jpg)
Here’s a layered chart over the past couple of years to see this in a consolidated view.
![](https://slopeofhope.com/wp-content/uploads/2024/05/layeredINDU_TRAN-640x336.jpg)