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That indicator posits that any move in the Dow industrials must be matched by a similar move in the Dow transportation index.

Today, more than one-third of the 30 companies in the Dow industrials deal in finance, insurance or high tech and don’t make products that need to be physically transported.

“Cordage has collapsed like a bursted meteor,” reported the Commercial and Financial Chronicle, “and the other industrials have all of them shared to a considerable extent in the decline.”

The Dow industrials lost 1.1% to 38,441.54 and the Nasdaq composite slipped 0.6% to 16,920.58 after setting its latest all-time high.

“The big growth has happened in the last three years,” said Stephen Dyer, head of the Asia automotive and industrials unit at AlixPartners, a consulting firm.