On February 3, 2012, the Dow Industrial Average made a new all time high since the low of March 2009. All that is needed in order to achieve a confirmation of the upward trend is for the Dow Jones Transportation Average to exceed the July 7, 2011 high of 5,618.25.
There is a marginal difference of 4.64% between the Dow Transports high and the current level. We're anxiously waiting to see if this gap can be closed with conviction in a relatively short period of time. So far, every day that the Dow Industrials makes a new high with the Dow Transports below the previous high is considered a Dow Theory non-confirmation which reinforces the bear market thesis.