• 556 days Will The ECB Continue To Hike Rates?
  • 556 days Forbes: Aramco Remains Largest Company In The Middle East
  • 558 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 958 days Could Crypto Overtake Traditional Investment?
  • 962 days Americans Still Quitting Jobs At Record Pace
  • 964 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 967 days Is The Dollar Too Strong?
  • 968 days Big Tech Disappoints Investors on Earnings Calls
  • 969 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 970 days China Is Quietly Trying To Distance Itself From Russia
  • 971 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 975 days Crypto Investors Won Big In 2021
  • 975 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 976 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 978 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 978 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 982 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 982 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 983 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 985 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Stock Trends, Charts and Commentary

Today we will look at the Transportation Index, and what happened in China last night.

A potential market problem we pointed out last Friday, was the Transportation index.

The Transports broke a 5 year support and it has been struggling to make it back into its rising channel as seen in the chart below.

For weeks, the Transports have been in a consolidation pattern as seen between the thick red resistance and support lines we drew. But ... this week, the Transports broke through the bottom support of that consolidation.

It will be very important for the Transports to resist dropping further, otherwise it will bring the Dow Theory analysts closer to calling for a bear market condition.

If you recall, we said that, "The July to October Shanghai rally is now coming under duress" on last Friday's update.

This is this morning's chart of the Shanghai Index. The Shanghai Composite went down only -0.27% this morning ... but wee had plenty of deterioration on the Shanghai since last Friday.

At the close this morning, the Shanghai was continuing to trend down after breaking its second support line. At the same time, the Shanghai Composite's Relative Strength went slightly below 50 which is a negative Strength level.

 

Back to homepage

Leave a comment

Leave a comment