QuantitativeExhaustion

DOW Transportations, showing no signs of bearishness

INDEX:DOWT   DOW Transportations
378 8 9
DOW Transports has given us some incredible signals as to the overall market direction. Right now it's giving us a green light, but comformation would be reached if the DOWT             can break the overhead ascending resistance (zoom out to verify).

However, we should be careful for what we wish for. There is very strong resistance near the 5600-5700 level. Several major market corrections have occured after the DOWT             has touched the ascending resistance line.


QuantitativeExhaustion QuantitativeExhaustion
Keep your eye on the Dow Transportations!
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QuantitativeExhaustion QuantitativeExhaustion
snapshot
+2 Reply
@NewAgePit The fact that the Eur/Usd trade is being squeezed is helping the dollar depreciate, and therefore SPY would go much higher in the short term.

http://fxtrade.oanda.com/analysis/open-position-ratios
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@NewAgePit


That's true we didn't touch the trend line. However, the fact that we didn't roll over after the "three amigos" is positive.
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NewAgePit QuantitativeExhaustion
That's definitely true. Also considering that SPY was down on those days and the week did end up closing above the 3 previous closes. Still my gut feeling is bearish.
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Personally, don't like the 3 upthrusts this week. And it wasn't able to touch the trendline again on Friday.
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