The following chart includes an old 'doomer' count I've had since last year. Ignore the count, maybe even ignore the Fib' retracement levels too (back to the 2009 collapse wave lows). However, you can't ignore todays break under 5k. It is the biggest bearish warning I've seen so far this year.
Transports, monthly, 'doom' chart
Summary
If you keep in mind the 'giant H/S' formation chart that I regularly post for the SP' monthly, you can see the same sort of H/S pattern here, except (unlike other indexes) the transports never managed to break the highs from last May.
If the H/S theory is correct, the Transports will likely move lower to around 3500 sometime later this year. That is a fall of around 30%. It would definately imply Sp'1100, if not 1000 at some point. Note that sp'1000 would also confirm the giant H/S theory.
Goodnight from London city.