If you like trading in airline stocks, Fedex, and UPS
This is the index you need to watch!
Approaching resistance same as dow.
If we breakout, there is a 7% upside move to whiteline target.
If we reject, possible doubletop back to 12k
If you believe in Dow Theory then the fact that transports have not been able to make a new high compared to the August Swing highs, should make you doubt the new highs seen in the industrials. Normally this is a sign of underlying weakness so the expectation would be for further weakness to come in general equities.
this count gives the possibility that the leading diagonal hasn't completed unless 13,453 price level is broken and the final fifth wave of this subwave will near 11,750
the throwover in the fourth position would equal a price break of the parallel trendline or a possible bottoming out in the midline of that same parallel trendline
quite possible to see this recent hard move down as part of some flat from the 8/16 - 8/22 move down with 15,000 as resistance
higher probability that under 14,000 is the support level the market desiring.
DJT, a leading economic indicator, is breaking out of a long falling wedge pattern that targets the all-time high daily candle body closes. This is yet another piece of the puzzle suggesting a much better second half for this year. Bollinger bands squeezing so tight and multi-month divergences are also indicating that it won't be a small move.
Something is wrong! NOWHERE to hide except cash. Even XLP staples crash last week.
Now DJT is showing yet another warning sign. It just broke the very crucial 14k support, completing a head & shoulder pattern. Measured move may send it down to the 11k to 10300 zone.
It is now at 13500 my green pivot box where the red dotted median of my PITCHFORK is located.
Transportation stocks have been unusually strong this year, but that might have changed yesterday.
The main feature on this chart of the Dow Jones Transportation Average is the September low at 13,947. Prices managed to remain above this level throughout the market’s correction as other indexes like the S&P 500 and Nadaq-100 knifed below the same respective...
This is bad! Stocks are falling even when DXY dollar index & TNX 10-yr yield are retracing.
The Dow Jones Transportation, a leading indicator for the stock mkt & the economy, just
zipped through the 14k key support, down 7.41%. All stock indices had a capitulation-like move Wednesday 18May, the worst since the pandemic days. Even defensive staples, household...