The Dow Jones Transportation Average, however, has not yet surpassed its old high of 2985.
The Dow Jones Transportation Average, an index of 20 railroad, shipping and airline stocks, pulled back 0.4%.
The Dow Jones Transportation Average started to diverge in early 2012 and shows a pattern of lower highs, line b.
Take a look below at a classic cyclical measure of the market, the Dow Jones Transportation Average, or Dow Jones Transports.
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The Dow Jones Transportation Average, a benchmark of 20 railroad, airline and shipping companies, rose 0.2%, to an all-time closing high.
The iShares Dow Jones Transportation Average (IYT) came in to the 21-day.
The standout was the Dow Jones Transportation Average as it moved above the 2012 highs and is close to its all-time highs.
The chart of the Dow Jones Transportation Average reveals that the pattern of lower highs in 2012, line b, has just been broken.
The Dow Jones Transportation average has led prices on the downside since the weekly on-balance-volume (OBV) formed a negative divergence in May.
The industry dragged the Dow Jones transportation average down 1.2 percent.
The year-end rally in the Dow Jones Transportation Average pushed it to a higher yearly close, but the yearly range was tight with support at 4795.40.
Of course, central to the Dow Theory is that the action of the Dow Jones Industrials must be confirmed by the action of the Dow Jones Transportation Average.
The Dow Jones Transportation Average outperformed as well, climbing 1.3%.
The Dow Jones Transportation Average a 20-member index of airlines, railroads and trucking companies slumped 5.9% this week, the largest weekly decline since November 2011, and is down 2.2% this year.
Moreover, the Dow Jones Transportation average, which has been stuck in a volatile trading range since mid-May, is close to breaking a bearish trendline off the highs since early July.
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Investors seeking to make the trading bet that the bull market for stocks continues can do so investing in the iShares Dow Jones Transportation Average Index Fund ( IYT) .
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The Russell 2000 index of small-capitalization stocks also declined, while the Dow Jones Transportation Average an index of 20 shipping, railroad and airline stocks that is considered a bellwether of economic activity dropped 1.2%.
According to the ETF Finder at ETF Channel, GMT makes up 5.08% of the iShares Dow Jones Transportation Average Index Fund ETF (IYT) which is relatively unchanged on the day Thursday.
The Dow Jones Transportation Average has been a market leader since the 2009 lows, but the index gave up that leadership in May when the weekly on-balance volume (OBV) formed a negative divergence.
According to the ETF Finder at ETF Channel, UNP makes up 12.25% of the iShares Dow Jones Transportation Average Index Fund ETF ( AMEX: IYT )which is trading higher by about 0.5% on the day Friday.
According to the ETF Finder at ETF Channel, UPS makes up 7.76% of the iShares Dow Jones Transportation Average Index Fund ETF ( AMEX: IYT )which is trading lower by about 0.7% on the day Monday.
According to the ETF Finder at ETF Channel, NSC makes up 5.66% of the iShares Dow Jones Transportation Average Index Fund ETF ( AMEX: IYT )which is trading lower by about 0.4% on the day Wednesday.
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The Dow Jones Transportation Average lifted 0.6%.
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