3pm update - Transports remain problematic

Whilst the broader market minor gains have flipped to fractionally negative in most indexes, the standout laggard remains the Transports, -0.7% in the 8600s. The current declines are especially notable as Oil is lower by a very significant -4.0%.


Trans, daily

GLD, daily

Summary

*With the USD set to close with sig' net gains for a second day, both the metals and Oil are set to close significantly lower.
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As for the Transports.. it IS a very important index to watch.

Best guess.... the Trans to break UP.. >8800... but clearly.. if  that is not the case.. and the Trans goes much below 8500... it'll be suggestive of broader market weakness.
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notable weakness, oil/gas drillers, RIG -6.6%, with SDRL -4.0%
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3.16pm... first soft support 2120/18 or so.

Ironic that two consecutive red hourly candles merits a mention.

Trans -0.8%... hmmmm


3.33pm.. Someone has hit the sell button on AAPL.... a lot of trades flying though right now...

sp' -3pts 2125.... its all minor so far.


3.54pm.. BABA going crazy UP........... no idea why... I'm watching Eurovision, lol