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Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points, 5th Edition by Martin J. Pring

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20 PUTTING THE INDICATORS TOGETHER: THE DJ TRANSPORTS 1990–2001

It is now time to combine the indicators that we have covered so far into an analysis of the long-term picture. For this purpose I’ve chosen the Dow Jones transportation average between 1990 and 2001. Chart 20.1 shows the average together with its 9-month MA. This was one of the best testing averages derived by optimizing from 1931 through to the year 2000.

CHART 20.1 Dow Jones Transports, 1989–2001, and Turning Points

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The upward and downward pointing arrows indicate the principal turning points in this period. The 1990 bottom was not an easy one to recognize because the average virtually ...

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