Dow Theory | Dow Theory
Dow created the Industrial Average, of top blue chip stocks, and a second average of top railroad stocks (now the Transport Average). He believed that the ...ProductsPricingEducationIndicatorsMyProfileSupport sitesearchTechnicalAnalysisFoundationTechnicalAnalysisSupport/ResistanceChartBasicsTimeFramesDowTheoryDowTheoryDowTheory-TrendsDowTheory-Lines(RangingMarkets)DowTheory-ConfirmationDowTheory-MarketPhasesTrendAnalysisMASystemsDirectionalMovement-TrendsShort-TermTrendsTrendStrengthTrendLinesForexTrendChannelsStandardDeviationChannelsTradingStylesBreakoutModelTradingTrendsBlindFreddyTrendsMomentumTradingMomentumTradingIIMomentumTradingIIIStockMarketCyclesReadingTheStockMarketCyclesCoppockIndicatorBullishPercentIndexMarketTops&BottomsInterestRatesandtheEconomyChartTypesChartTypesBar/OHLCChartsEquivolumeChartsPoint&FigureChartsTechnicalAnalysis>DowTheory>DowTheoryTradingEducation>DowTheory>DowTheoryDowTheory-MarketMovementsTheideasofCharlesDow,thefirsteditoroftheWallStreetJournal,formthebasisoftechnicalanalysistoday.DowcreatedtheIndustrialAverage,oftopbluechipstocks,andasecondaverageoftoprailroadstocks(nowtheTransportAverage).Hebelievedthatthebehavioroftheaveragesreflectedthehopesandfearsoftheentiremarket.Thebehaviorpatternsthatheobservedapplytomarketsthroughouttheworld.ThreeMovementsMarketsfluctuateinmorethanonetimeframeatthesametime:Nothingismorecertainthanthatthemarkethasthreewelldefinedmovementswhichfitintoeachother.Thefirstisthedailyvariationduetolocalcausesandthebalanceofbuyingandsellingatthatparticulartime.Thesecondarymovementcoversaperiodrangingfromtendaystosixtydays,averagingprobablybetweenthirtyandfortydays.Thethirdmoveisthegreatswingcoveringfromfourtosixyears.(Nelson,1903)Bullmarketsarebroadupwardmovementsofthemarketthatmaylastseveralyears,interruptedbysecondaryreactions.Bearmarketsarelongdeclinesinterruptedbysecondaryrallies.Thesemovementsarereferredtoastheprimarytrend.Secondarymovementsnormallyretracefromonethirdtotwothirdsoftheprimarytrendsincetheprev
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