Still nowhere close a new high in the transports. How can things be so great if the transports aren't participating?
Huge 4-day rally. Huge month.
Delta and Southwest.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Still nowhere close a new high in the transports. How can things be so great if the transports aren't participating?
I mentioned this in Wednesday's commentary...
The Dow Transportation Index is creating an interesting chart pattern. We have a head and shoulders pattern (red) that is following a prior head and shoulders pattern (blue). What those could be are smaller head and shoulders making up a much larger H&S (green.) It would take a while - probably months - for a right shoulder to form, but down the road this could be creating a major topping formation. That would not be good news since the Transports tend to lead the rest of the market. Like I said, it would take a while to form and it could actually move all the way up by 16,200 while creating a right shoulder.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Still going sideways. A break above the right shoulder of around 16,000 would imply new highs. If this rally is as broad based as the bulls are now saying, then this should happen soon.
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