For the nitpicky the charts below are wrong. For the sake of demonstration I elected to use weekly data looking back three years. My opinion is the data looks much cleaner this way using the StockCharts platform, however, traditional Dow Theory looks at daily closing data and a line chart of daily closes would be sufficient. More importantly, what are the charts saying? It looks like in the case of the Industrials and the Transports the Transports are failing to confirm. This does not mean the primary trend has reversed. Recall that a new low must be put in by both averages. The failure to confirm is a significant event, particularly one that has persisted for over a year and it should be monitored, but it does not on its own reverse the primary trend. We are seeing a similar signal in the case of large caps and small caps. Small caps as represented by the Russell 2000 are failing to confirm the higher high in the S&P500. These are events we'll have to monitor going forward to see if they have predictive value.

Hopefully you find some of this useful. My plan is, going forward, to pop in weekly or monthly and give an update of what I'm seeing on the averages. If you're analysis disagrees with mine feel free to comment below with an alternate interpretation. Through discussion hopefully we'll land on the correct answer.