---
title: Dow Theory says this is a bull market
description: "Most people watch the Dow Jones Industrial Average (DJIA) and think they understand the market.\n\nBut smart investors know:\nThe trend isn’t real until the Transportation Index agrees.\n\nHere’s why ⬇️\n\n🔍 The Logic (100+ years old… still undefeated)\n\nIf manufacturers (Industrial Average) are doing well, they should be shipping more goods.\nIf more goods are being shipped, transportation companies (Transportation Average) should also be trending up.\n\nProduction ↑ → Shipping ↑ → Healthy trend confirmed\n\nIf Industrials rise but Transports fall?\n🚨 Something’s off. Demand may be weakening.\n\n🧠 How Dow Theory Uses This\n✔️ Bull trend confirmed\n\nBoth DJIA and DJTA make higher highs + higher lows.\n\n✔️ Bear trend confirmed\n\nBoth make lower lows + lower highs.\n\n❌ No confirmation\n\nOne goes up, the other flat/down →\nThe trend is suspect. Momentum may be false or weakening.\n\n\nSource chart: J-C Parets"
---

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# [Dow Theory says this is a bull market](https://blog.syzgroup.com/syz-the-moment/dow-theory-says-this-is-a-bull-market)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Nov 27, 2025, 1:34:21 PM

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