1pm update - Trans battling to catch up

Whilst the headline indexes are seeing minor chop, there is some notable continued strength in the transports, +0.4% or so, having broken into the 7500s again. A new historic high for the Trans (and the Dow) looks likely within the next week or two.


Trans, daily

Trans, weekly2, rainbow

Summary

*the weekly 'rainbow' chart should scare the equity bears. We have the first green candle since the start of the year. There is nothing bearish right now, and the recent low in the 7000s looks a fair way down.
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*awaiting the fed beige book at 2pm.

However, as noted earlier, with the weekly upper bol around 1875, the bulls face a problem in pushing higher.

Notable strength: DRYS +5.7% in the $4.10s