| The Dow Transports (first chart below) are just above their October 2002 (2008) and September 2001 (1942) lows. The inability of the Trannies to follow the Dow to new lows has been a positive for the market, but this time the Transports are leading to the downside. New lows in that index would be bearish under Dow Theory, the oldest school of technical analysis, and would be a good hint that the Dow may eventually follow. The Dow (second chart) is back at 7850 support, and below that, 7750 is critical. 7900 and 8000 are resistance. The S&P (third chart) is forming a potential down channel. 846 is resistance, and 831 and 824 are support. The Nasdaq (fourth chart) has support at 1320 and 1300, and resistance at 1335 and 1350. A gap below 1320 opening around 1310 would create a bearish island reversal, suggesting a retest of the critical 1260 level. The SOX (fifth chart), the semiconductor index, continues to stall at the neckline of a head and shoulders top. Can it hang on? Finally, the equity put-call ratio closed at a bearish .51 today, so not much help there.
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Special report: For a free introduction to technical analysis and chart patterns, visit http://www.internetstockreport.com/guest/article/0,1785,2571_5/00051,00.html. Dow Transports Hitting New All-time Highs :: The Market Oracle ::
May 19, 2008 Dow Transports Hitting New All-time Highs :: The Market Oracle acquiring access to our long-term technical analysis and/or utilizing our
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WEALTH W/O WORKING FEBRUARY 2007 VOLUME V – 1 - 1 - Fourth Quarter ::
File Format: PDF/Adobe Acrobat - View as HTMLmust be confirmed by highs or lows in the Dow Transport average. This time 12000 may be an important technical support level in any market pullback and
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