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For the Dow Theory Enthusiast, Here is a Daily Transport Chart

For the Dow Theory enthusiast, below is a daily Transport chart as of yesterday's close. Note that it closed higher yesterday and it was above its 7700 resistance level. That was a positive.

The negatives are that it was still in a technical down trend, and it is now exposed to the possibility of making a "head & shoulders" pattern. If such a pattern plays out, the Transports would move higher, not make a new high, and then fail to the downside.

Dow Jones Transportation Index Chart

 

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