Whilst the broader market is seeing minor chop, the Transports continues to struggle, with an early sig' decline of around -1.3% @ 8555. The smaller 15min cycle is offering the first sign of a turn... but still, it remains a very borderline situation, and the equity bulls should be at least moderately concerned.
*note the black-fail spike candle from last November.. marking a key high.
Despite many months.. it is notable that the equity bears have had to battle extremely hard just to keep the transports trading largely sideways.
Best guess... Trans to resume UPWARD.. with a key break over declining resistance, currently around 8775.
notable weakness, airlines, DAL -5%.. UAL -6%...
**Oil inventories saw a net decline of -2.7 million barrels... for now... it certainly favours another wave higher into the WTIC 65/67 zone.. and that certainly won't help the transports!
11.35am.. Ohoh.. Trans -1.8%.... its starting to get real ugly 8517..... the 8400s would be a major problem