History of Financial Advice Collection. Writers of investment advice faced a challenge to re-establish their credibility (and reassure their readership) following the Wall Street Crash of 1929. The extent and duration of the Great Crash flew in the face of conventional wisdom—especially that of the technical analysts, whose beloved “mechanical,” “support,” or “resistance” points (previous lows that would in theory tend to check declining prices) had shown no sign of curtailing the selloff in late 1929 and after. Robert Rhea’s The Dow Theory is both the most systematic and codified elaboration of the ideas of earlier Dow theorists—primarily William Peter Hamilton and of course Charles H. Dow himself—and an attempt to reassert the validity of this tradition of stock analysis in the wake of the recent blow to its reputation.

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