In this report, from London on Sunday, August 4th, 2019 I look at the technical picture for the stock market and also the Dow-Gold ratio.
To start with I look a very long term chart of the Dow Industrials going back to 1920. This chart is actually indicating that we are very near the top of the long term channel formed in the last century. I also compare the log version of this chart with the linear version.
Another technical tool I look at today is the Dow Theory and how it is vital that anew high in the Dow Industrials needs to be confirmed by a new high the Dow Transports. The reason for that is that an economy that is expanding and doing well needs to be reflected in the Transportation Index as goods need in a growing economy need to be shipped as well.
My conclusion from looking at the charts today is that the stock market has been forming a major top since the beginning of 2018 and that gold and precious metals, in general, will outperform paper assets or the stock market going forward.
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