Dow Jones Transports have been soft of late, which is putting a support line tied to the 2009 and 2012 lows in play right now (left chart above).
Dow Jones Utilities have also been soft of late and they are nearing support rising channel support (right chart above).
Should Dow Theory believers be concerned?
At the same time support tests are in play for both of these a resistance test is in play for the Dow Jones Industrial index
This chart is the Dow Jones, based upon “monthly closing” prices. Fibonacci extension levels are tied to the highs in 2007 and the lows in 2009. As you can see the Dow has has paused at this level of late.
From a Dow Theory perspective, a break of support by Transports and Utilities would increase concerns if it takes place!